Colonia Announces Change of Control and Financing

NEWS RELEASE TRANSMITTED BY CCNMATTHEWS 
FOR: COLONIA CORPORATION 
NEX BOARD SYMBOL:  CRP.H 
March 23, 2004 
Colonia Announces Change of Control and Financing 
CALGARY, ALBERTA--(CCNMatthews - Mar 23, 2004) - COLONIA CORPORATION (the 
"Corporation") (NEX: CRP.H) announces that pursuant to a share 
purchase agreement dated March 17, 2004 (the "Share Purchase 
Agreement") among Gordon Bowerman, James G. Evaskevich and Douglas M. 
Stuve (collectively, the "Purchasers"); John Bobenic, M. Dean 
Callaway and three other vendors (collectively, the "Vendors"); and 
the Corporation, the Purchasers have agreed to purchase (the 
"Acquisition") from the Vendors an aggregate of 4,699,600 common 
shares (the "Shares") for an aggregate price of $129,239, being 
$0.0275 per share. The proposed sale of the Shares (the "Change of 
Control") is expected to be completed no later than April 9, 2004. 
The completion of the Acquisition is subject to the receipt of all necessary 
regulatory approval, as well as certain other conditions. 
After completion of the Acquisition, the parties have agreed the board of 
directors of the Corporation will consist of Gordon Bowerman, James G. 
Evaskevich and Douglas M. Stuve, and Gordon Bowerman will be appointed the 
President, CEO and Secretary of the Corporation. 
Gordon Bowerman is currently the President of Cove Resources Ltd., a private 
company, and has been since 1987. Mr. Bowerman is also currently a Director of 
Yangarra Resources Inc. and Cascadia International Resources Inc., two public 
companies listed on TSX Venture Exchange Inc. ("TSX Venture"). 
James G. Evaskevich is currently the President and Chief Executive Officer of 
Yangarra Resources Inc., a public oil and gas company listed on TSX Venture. 
Mr. Evaskevich is also currently the President and Chief Executive Officer of 
Cascadia International Resources Inc., a public mineral exploration company 
listed on TSX Venture. 
Douglas M. Stuve is the managing partner of Burstall Winger LLP, Barristers and 
Solicitors. Mr. Stuve has been a partner of Burstall Winger LLP since April 1, 
1997. Mr. Stuve is currently a director of several public companies, including 
Yangarra Resources Inc., Cascadia International Resources Inc. and 
International Technologies Corporation, all public companies listed on TSX 
Venture. 
In addition to the Acquisition, the Corporation intends to sell its $225,500 
account receivable due from and royalty agreement with, Biosphere Technologies 
Inc. and Biosphere Refineries Corporation, in exchange for full repayment of 
the shareholder loans on the Corporation's balance sheet. The account 
receivable has been outstanding since November 18, 2002 and collection is 
uncertain. The shareholder loans due from the Corporation total approximately 
$145,000. 
It is a condition precedent to the completion of the Acquisition that the 
Corporation completes a private placement of up to 6,000,000 units 
("Units") at a price of $0.05 per unit (the "Private 
Placement"). Each Units will consist of one common share and one-half of 
one share purchase warrant, with each warrant entitling the holder to purchase 
one common share at a price of $0.10 per share for a period of one year (the 
"Warrants"). The Corporation intends to use the proceeds from the 
Private Placement to pay outstanding accounts payable and as general working 
capital. 
The Corporation has reserved a price of $0.05 per share for the up to 6,000,000 
common shares to be issued pursuant to the Private Placement and a price of 
$0.10 per share for up to 3,000,000 common shares to be issued upon exercise of 
the Warrants. The Private Placement is subject to regulatory approval and the 
Corporation is required to file a formal application with the NEX board of the 
TSX Venture to maintain this price reservation. The Purchasers intend to 
purchase Units pursuant to the Private Placement. 
After completion of the Acquisition, the Corporation also announces it intends 
to grant options to purchase up to 1,500,000 common shares at a price of $0.10 
per share to directors, officers and consultants of the Corporation. 
(Not for dissemination in the United States of America) 
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
Colonia Corporation
M. Dean Callaway
Director
(403) 589-3030
or
Colonia Corporation
Gordon Bowerman
Purchasers Contact
(403) 237-2361 
The TSX Venture Exchange Inc. has not reviewed and does not accept 
responsibility for the adequacy and accuracy of this release. 
INDUSTRY:  MNG
SUBJECT:  FNC 
-0--0- Mar/23/2004 19:23 GMT
 
 
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