| Coro Announces Closing of First Tranche (US$5.1M) Convertible Debenture | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 10, 2015) - Coro Mining Corp. ("Coro") (COP.TO) is pleased to announce the closing of the first tranche of the Convertible Debenture with Greenstone Resources L.P. ("Greenstone") which forms part of a larger ~US$9.0 million combined convertible debenture (US$6.5 million) and equity financing (~US$2.5 million) that was previously announced on June 16, 2015. The first tranche comprises US$5.1 million which is repayable on the date that is 350 days after the date of drawdown. The first tranche requires repayment of US$6.375 million resulting in an effective interest rate of ~25%. The proceeds of which will be used to acquire the Nora Plant and perform certain work programs in order to lift the existing Suspension Order (refer Coro's New Release dated June 16, 2015). In the event that the amounts are not repaid in full in cash, any unpaid amounts will be converted into common shares of Coro at a conversion price of C$0.04 per share. Alan Stephens, President and CEO of Coro commented, "We are very pleased to have closed the first tranche of the Convertible Debenture which will enable us to acquire the Nora plant during August and achieve our objective of becoming a copper producer. We now look forward to closing the second tranche of the financing and continuing the development of the Company's assets with the support of Greenstone." About Greenstone Greenstone is a private equity fund specializing in the mining and metals sector founded and run by former JP Morgan and Xstrata executives. The Greenstone team has over 80 years of experience in the sector covering all aspects of mining project development. Further details on Greenstone can be found at www.greenstoneresources.com. About Coro |
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Coro Mining Corporation
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EXPLORATION STAGE |
CODE : COP.TO |
ISIN : CA2196361075 |
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Coro is a gold and copper development stage company based in Canada. Its main exploration properties are CERRO CHACAY, LLANCAHUE and CELESTE in Chile and SAN JORGE in Argentina. Coro is listed in Canada. Its market capitalisation is CA$ 29.0 millions as of today (US$ 21.0 millions, € 19.2 millions). Its stock quote reached its highest recent level on June 27, 2008 at CA$ 2.09, and its lowest recent point on February 12, 2016 at CA$ 0.02. Coro has 483 420 000 shares outstanding. |