On June 26, 2008, Celtic Minerals Ltd. (CME: TSX-VEN) announced that it had completed its second closing of the previously announced $4,000,000 private placement. On May 30, 2008, Celtic Minerals had completed an initial closing of the private placement for gross proceeds of $3,541,699.70. Along with the proceeds from the closing of the second offering, gross proceeds were $4,660,699.45. Celtic Minerals intends to use the majority of the gross proceeds raised from the offering for exploration expenditures on its properties in Newfoundland and Labrador for drilling, geophysical and geological surveys. Jennings Capital Inc. acted as agent for the offering. Jennings was advised by Fasken Martineau with a team that included Chuck Higgins, Daye Kaba, Brad Freelan and Tanner Helwig.