Coro Mining Closes Final Tranche of Private Placement
April 20, 2017 (Source) — NOT FOR DISSEMINATION IN THE UNITED STATES
Coro Mining Corp. (“Coro” or the “Company“) (TSX:COP) is pleased to announce the closing of the final tranche of the non-brokered private placement (the “Private Placement”) announced March 22, 2017 and has, in the closing of this final tranche (the “Final Tranche“), issued a total of 32,152,869 common shares, at a price of CA$0.15 per common share, raising gross proceeds of approximately CA$4,822,930. An aggregate of 107,680,000 common shares were issued pursuant to the Private Placement raising a total of CA$16,152,000. The first tranches of the Private Placement, pursuant to which the Company issued an aggregate of 75,527,131 common shares, closed on March 31, 2017 and April 3, 2017. All common shares issued pursuant to the Private Placement are subject to a statutory four month hold period.
Greenstone Resources L.P., or an affiliate thereof (“Greenstone“), the Company’s major shareholder, acquired 92,088,333 common shares pursuant to both first tranches and the Final Tranche of the Private Placement. Following completion of the Final Tranche, Greenstone now holds approximately 61% of the Company’s outstanding common shares.
The Company now has 593,267,539 common shares issued and outstanding. The proceeds of the Private Placement will be used to fund the acquisition of Minera Rayrock Ltda. (see the Company’s news release dated August 4, 2016 for further details), continued exploration of the Company’s Marimaca Project and working capital purposes.
CORO MINING CORP.
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About Coro Mining Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Coro type” deposits. These are defined as projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment takes priority over maximizing NPV, where profitability is prioritized over production rate, and finally, where the likely capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which includes the Berta and Nora operations; the Planta Prat project; the Llancahue prospect; and a royalty on the San Jorge copper-gold project located in Argentina.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These forward looking statements relate to future events or the Company’s future performance, business prospects or opportunities including, without limitation, statements relating to the use of proceeds of the Private Placement. The Company believes that the expectations reflected in such forward looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. These statements speak only as of the date of this press release. Forward looking information involves risks and uncertainties which may cause actual results to be materially different from those expressed or implied by such forward looking information. Such risk and uncertainties relate to, among other things: management’s discretion to reallocate the proceeds of the Private Placement, as well as other risks disclosed in the Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. Accordingly, readers should not place undue reliance on forward-looking statements. Coro undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
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