Celtic Minerals closes private placement of flow through shares

Client

On October 4, 2007, Celtic Minerals Ltd. announced that its previously announced private placement offering of flow-through shares had been over subscribed and that the agent, Jennings Capital Inc., had exercised its right to increase the size of the private placement by an additional $1.5 million. Pursuant to the private placement, Celtic Minerals issued 6,000,000 flow-through common shares at a price of $1.25 per share, for gross proceeds of $7.5 million.

Celtic intends to use the majority of the proceeds raised from the offering for exploration expenditures on Celtic's properties in Newfoundland and Labrador for drilling, geophysical and geological surveys.

Fasken Martineau advised Jennings Capital in this transaction with a team that included, among others, Chuck Higgins, Daye Kaba, Tanner Helwig and student-at-law Farrah Sunderani.