Sea Green Capital Corp.

Sea Green Capital Corp.

January 03, 2007 15:10 ET

Sea Green Capital Corp. Announces Completion of $547,200 Financing, Drilling Continues in Casa Berardi

TORONTO, ONTARIO--(CCNMatthews - Jan. 3, 2007) - Sea Green Capital Corp. (TSX VENTURE:SGS)(the "Corporation" or "Sea Green") is pleased to announce that it has completed a $547,200 financing (the "Financing") made up of $128,000 in units (the "Units") at a subscription price of $0.08 per Unit and $419,200 in flow-through units (the "FT Units") at a subscription price of $0.08 per FT 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 common share of the Corporation at a price of $0.15 per share for a period of 18 months. A finder's fee of $15,680 was paid in connection with a portion of the Financing.

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

The proceeds of the Financing are being used to fund the Corporation's current exploration activities in the Casa Berardi region of Quebec. Drilling commenced here in late December, 2006, but was delayed for approximately 2 weeks due to equipment problems and delays in getting repairs done over the holidays. One drill rig will be back in operation on Thursday this week and a second rig will be operating early next week.

Sea Green selected 493 samples for assays from holes 2 to 5 from its Beschefer Township drilling this past summer and expects some results by the end of the month. In Ogden Township core logging is in progress on the balance of the diamond drill cores (7 holes) completed in April and May (see press releases April 25 and May 9, 2006) prior to completing additional sampling and assaying.

Based on recommendations from its consulting geologist, and other technical opinions, the Company has elected to drop its options on the properties in Kidd, Wark and Carnegie Townships, Ontario, and also the Lackner Lake property in Ontario. Evaluation of these prospects and associated geology indicates that the mineralization discovered to date is uneconomic. Management concluded that it was prudent to focus the Company's resources on the higher priority gold and base metal properties.

The information contained in this news release has been reviewed by G. A. Harron, P. Eng., a qualified person under the definitions established by National Instrument # 43-101.

Sea Green Capital Corp. is a junior exploration Company focused on Gold and base metal prospects in Ontario and Quebec.

Sea Green currently has 54,485,568 common shares 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.

Contact Information

  • Sea Green Capital Corp.
    R. Brian Murray
    (416) 985-7810