Sea Green Capital Corp.

Sea Green Capital Corp.

March 22, 2007 15:53 ET

Sea Green Capital Corp. Announces Closing of First Tranche of Financing for $510,000, and, Acquisition of Additional Claims While Drilling Continues

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - Sea Green Capital Corp. (TSX VENTURE:SGS) (the "Corporation" or "Sea Green") is pleased to announce that it has closed the first tranche of 5,100,000 flow-through units ("FT Units") for an aggregate of gross proceeds in the amount of $510,000 (the "Private Placement"). This Private Placement forms part of a larger offering (the "Offering") of up to an aggregate of 9,000,000 FT Units and non flow-though units (the "Units") at a subscription price of $0.10 per Unit.

Each Unit consists of one common share of the Corporation and one warrant (a "Warrant"), each Warrant entitling the holder to purchase one common share of the Corporation at a price of $0.15 per share for a period of 18 months. Each FT Unit consists of one flow-through share of the Corporation and one-half of one warrant (a "FT Warrant"), each whole FT Warrant entitling the holder to purchase one flow-though common share of the Corporation at a price of $0.15 per share for a period of 18 months.

A finders fee of $21,600 was paid in connection with a portion of the Private Placement.

The final placement of the Offering is expected to close on or about the 31st day of March, 2007.

The securities issued pursuant to the Private Placement are subject to restrictions on transfer for a period of four months from closing.

The proceeds of the Private Placement are being used to fund the Corporation's ongoing exploration activities in Ogden township in Ontario, in Beschefer township in Quebec and in Casa Berardi, Quebec.

Sea Green also announces that it has acquired, together with its joint venture partner Explorers Alliance Corp., 40 additional claims in the eastern part of Casa Berardi township. These claims are contiguous to other claims held by the Company (grid 4) where Sea Green is currently drilling I.P. anomalies. The company has agreed to pay $20,000 and issue 200,000 common shares to acquire this property, subject to regulatory approval.

Sea Green also announces that at the annual shareholders meeting held on March 21, 2007, an increase in the company's stock option plan was approved and the company granted an additional 2,700,000 stock options to officers and directors at an exercise price of $0.10.

Sea Green Capital Corp. currently has 59,585,568 common shares issued and outstanding.

The TSX Venture Exchange has not in any way passed upon the merits of the matters disclosed herein, and has not approved or disapproved the contents of this press release.

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