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Change of Business for Coral Sea16 January 2001CALGARY, Canada – (Press Release) -- Jan. 16, 2001 -- Coral Sea Petroleums Ltd. is pleased to announce that is has completed its closing of a private placement of $65,000 consisting of 650,000 units at $0.10 per unit where each unit consists of one common share and one share purchase warrant that entitles the holder to acquire an additional common share at $0.25. The Corporation intends to use the proceeds from the private placement to fund the process of establishing an inter-net casino to be operated by the Corporation's wholly owned offshore subsidiary, Coral Sea Antigua Ltd. ("CSA"). The Corporation intends to make application to the Canadian Venture Exchange (the "Exchange") for approval of an additional private placement of units, at $0.20 per unit, where each unit would entitle the holder to acquire one common share and one common share purchase warrant. Each warrant would entitle the holder to purchase one common share, at $0.50 per share, for eighteen months from the date of the issue of the unit. CSA has entered into an agreement with CyberGaming Entertainment Inc. ("CyberGaming"), an Antigua company, that allows CSA to utilize CyberGaming's licensed software and hardware to operate and manage an inter-net gaming site. Under the terms of the agreement, CSA is not authorized to market its products in Canada and its casino website, specifically excludes computers resident in Canada from gambling for money. The website includes a full casino, seven language choices, sports book, over twenty games for players with the latest in 3D graphics and digital sound featuring music, ambient sound and voices. For further information Coral Sea Petroleums Ltd.: Tom Walton, President and Director, Phone: (403) 274-5787, Fax: (403) 275-5787 |