CALGARY, June 24, 2011 /CNW/ - Celtic Minerals Ltd. ("Celtic" or the "Corporation") is pleased to announce that it has issued 865,000 common shares
pursuant to settlement agreements with certain subscribers of
flow-through shares. As previously disclosed, it has been determined
that the Corporation was unable to incur by December 31,2009,
qualifying expenditures for the benefit of subscribers of flow-through
shares of the Corporation. The Corporation had agreed to indemnify
those subscribers in their subscription agreements but the Corporation
does not presently have sufficient funds to satisfy these indemnities.
With this share issuance the total number of issued and outstanding
shares of Celtic is 84,091,631 shares.
SOURCE Celtic Minerals Ltd.
For further information:
Paul Cullingham, President and Chief Executive Officer
Celtic Minerals Ltd.
Phone: (416) 435-5282
Fax: (709) 489-7092
Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.