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| | June 02, 2010
Coro Closes Non-Brokered Private Placement
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| | June 2, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce the closing of the previously announced non-brokered private placement to raise gross proceeds of up to $4,500,000. Of the total gross proceeds, $1,755,000 was subscribed for by Benton Resources Corp ("Benton"), a mineral exploration company listed on the TSX Venture Exchange (Symbol: BTC).
Under a Subscription Agreement dated January 23, 2009, Benton has, subject to regulatory approval; a pre-emptive right to maintain its then current proportionate interest in Coro, on a fully diluted basis in any common share offerings, including private placements.
In total, the Company has issued to 12,500,000 units ("Units") at a price of $0.36 per Unit. Each Unit is comprised of one common share and one half of a non-transferable warrant. Each whole warrant entitles the holder to purchase one common share of Coro for a period of two years at a price of $0.50 for the first year from the date of closing and at a price of $0.65 thereafter until the expiry date. Such warrants, at the Company's election, are subject to accelerated expiry in the event that the Company's San Jorge copper gold project receives approval of its Environmental Impact Study ("EIS") and the market price of the Company's common shares is equal to or greater than $0.625 prior June 1, 2011 or equal to or greater than $0.8125 thereafter, for 10 consecutive days. The Company plans to use the net proceeds of the Units sold under this private placement for working capital purposes and to pay Lumina Copper Corp. a USD$2,000,000 option payment under the terms of the San Jorge Project Purchase Agreement.
The Company has paid finders fees of $44,700 on gross proceeds of the private placement subscribed for by subscribers other than Benton and other key existing shareholder groups.
Alan Stephens, President and CEO of Coro commented, "We are very pleased with the support that our existing shareholders and others have shown in supporting this financing and the continued faith they have in the San Jorge permitting process and the future prospects of the Company."
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 20.5% interest) in Valley High, which holds the Cordero property in Mexico (www.valleyhighventures.com).
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.com
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors 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. |
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| | You can view the Next News Releases item: Mon Jun 7, 2010, Coro Makes US$2 Million Payment On San Jorge
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