Celtic Minerals Announces Closing of Private Placement

CNSX-CWE

TORONTO, Nov. 9, 2011 /CNW/ - Celtic Minerals Ltd. ("Celtic" or the "Corporation") is pleased to announce the closing of its previously announced private placement (the "Private Placement") of 4,000,000 units of the Corporation ("Units") at a purchase price of $0.05 per Unit for gross proceeds of up to $200,000.  Each Unit was comprised of one (1) common share in the capital of the Corporation ("Common Share") and one (1) common share purchase warrant ("Warrant").  Each Warrant will be exercisable for one (1) Common Share for twenty-four (24) months from the date of issuance at an exercise price of $0.07 per Common Share for the first twelve (12) months following the date of issuance and at an exercise price of $0.10 per Common Share for the following twelve (12) months. The net proceeds of the Private Placement will be used by the Corporation for general corporate purposes.  The Units are subject to a hold period of four months plus one day from the date of issue.

Forward Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Corporation cannot be certain that actual results will be consistent with these forward-looking statements. In particular, this release contains forward looking information relating to the anticipated use of the net proceeds of the Private Placement. The intended use of the net proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose.  A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Corporation's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.

SOURCE Celtic Minerals Ltd.

For further information:

Paul Cullingham, President and Chief Executive Officer 
Celtic Minerals Ltd.
Phone: (647) 341-9267
Fax: 1(888) 678-7396
Email: pcullingham@celticminerals.com

Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.

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Celtic Minerals Ltd.

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