By Sheri Kasprzak
New York, July 22 - Northern Platinum Ltd. said Coronation Minerals Inc. will buy C$1 million in units as part of a private placement connected to a property agreement between the two companies.
Coronation will buy 1 million units at C$1.00 each.
The units are comprised of one share and one half-share warrant, the whole of which is exercisable for an additional common share at C$1.50 each for two years.
The offering is being conducted as part of an agreement in which Coronation will buy 100% interest in Northern Platinum's Wellgreen property for C$25 million.
Based in Toronto, Northern Platinum is a platinum metals group exploration company.
| Issuer: | Northern Platinum Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 1 million
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| Price: | C$1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.50
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| Investor: | Coronation Minerals Inc.
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| Announcement date: | July 22
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| Stock price: | C$0.25 at close July 22
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