April 4, 2017, Marimaca Copper Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to announce the complete closing of the first tranche of the non-brokered private placement (the “Private Placement”) announced March 22, 2017 and has now issued a total of 75,527,131 common shares, at a price of CA$0.15 per common share, raising gross proceeds of approximately CA$11,329,070. The final portion of the first tranche comprised the issuance of 59,935,464 common shares. All common shares issued pursuant to the Private Placement are subject to a statutory four month hold period.
Greenstone Resources L.P. (“Greenstone”), the Company’s major shareholder, acquired the 59,935,464 common shares pursuant to the Private Placement. Following completion of the first tranche of the Private Placement, Greenstone now holds approximately 59% of the Company’s outstanding common shares.
The Company now has 561,114,670 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. It is anticipated that the final tranche of the private placement will close on or before April 28, 2017.
CORO MINING CORP.
President and CEO
About Marimaca Copper Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Marimaca Coppertype” 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.
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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 completion of second tranche of the Private Placement and 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: the Company’s ability to find suitable investors for the Private Placement, 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. Marimaca Copperundertakes 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.