Kevin Flaherty
Reports:
Celtic Minerals Ltd.
Announces
Private Placement
Calgary, Alberta
January 8,
2009
Celtic
Minerals Ltd.
(CME: TSX-VEN) has filed its intention to conduct a non-brokered
private placement offering. This
offering will consist of up to 10,000,000 units of the company at a price of
$0.10 per unit, for gross proceeds of up to $1.0 million. Each unit will comprise of one common
share of the company and one-half of one share purchase warrant.
Each whole
share purchase warrant will entitle the holder to acquire an additional common
share of the company at a price of $0.15 for a period of 24 months from the
closing date.
Celtic
has previously indicated managements intention to evaluate a select number of
projects in SE Asia, which have been identified
through industry contacts. Proceeds
from the transaction will be allocated for general corporate purposes and the
further assessment of a potential prospect in Laos.
Under
the terms of the financing, Celtic may compensate parties with finders fees
payable in cash and securities for the placement of securities in accordance
with TSX Venture Exchange policies.
The
closing of the private placement is anticipated to occur on or before January
31, 2009. The private placement is
subject to the receipt of all required regulatory approvals. All of the shares issued pursuant to the
offering and shares which may be acquired upon the exercise of the compensation
warrants will be subject to a hold period of four months from the date of
closing.
Celtic
encourages the public to visit its website at www.celticminerals.com for updated
information on its properties or to email us at to be
added to Celtics e-mail list for press releases and
updates.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of this
release.
For further information, please
contact:
Paul
Lipoth
Phone: (403)
261-2890 x.233
Fax: (403)
265-2223
Kevin Flaherty,
Chairman and CEO
Celtic Minerals
Ltd.
Phone: (403)
261-2890
Fax: (403)
265-2223