Celtic Minerals Ltd. announced on April 4, 2006 that its $4 million private placement had been oversubscribed, and that the agent, Jennings Capital Inc., had exercised its greenshoe option allowing it to increase the size of the private placement by an additional $2 million. The $6 million total is a combination of flow-through shares and units.

Celtic is engaged in the exploration for and development of base and precious metals and intends to use the majority of the net proceeds raised from the private placement to finance its exploration activities in Newfoundland and Labrador.

Jennings Capital was represented in this matter by Fasken Martineau with a team that included Chuck Higgins, Krisztian Toth and Mitchell Thaw.