Coro Mining Corp. (TSX:COP) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement of up to 22,500,000 units at a price of $0.10 per Unit to raise gross proceeds of up to $2,250,000.
10,205,000 Units were issued in the second tranche for gross proceeds of the Company of approximately $1,020,500. Each Unit is comprised of one common share of the Company and one half of a common share purchase warrant. Each Warrant will entitle the holder to acquire an additional common share of the Company at an exercise price of $0.15 for a period until January 22, 2017. The Warrants will be subject to a forced exercise provision after one year in the event the volume weighted average trading price of the Company’s common shares on the Toronto Stock Exchange is equal to or above $0.30 for 20 consecutive trading days.
Between the two tranches the Company raised gross proceeds of approximately $2.1 million and issued 21,078,246 common shares and 10,539,123 warrants. Cash finder’s fees of 6% of the proceeds were paid on a portion of the Private Placement. The net proceeds of the Private Placement will be used to complete a diamond drill program at the Company’s El Desesperado Property and for general working capital purposes. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.
The Company is also pleased to announce that diamond drilling is currently underway at El Desesperado using two rigs together with backhoe trenching program. This exploration is being undertaken in the area where previously reported reverse circulation drill hole CED-R-4 intercepted 204m @ 0.55% CuT from surface. Assay results will be released in due course.
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 Berta copper leach project and the Payen, El Desesperado, Llancahue, and Celeste copper exploration properties, all located in Chile, and the advanced San Jorge copper-gold project, located in Argentina.
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