The Prospector News

Corona to Acquire Interest in Kilo Goldmines Ltd.

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article






Corona Gold Corporation (TSX:CRG) announces that the Company has agreed to purchase a minimum of 9.2 million and a maximum of 11.2 million equity units of Kilo Goldmines Ltd. as part of a private placement announced by Kilo in a press release dated March 25, 2014. The Units will be offered at a price of $0.25 per Unit (following a 1 for 10 consolidation of Kilo common shares) and each Unit will consist of one post-consolidated common share and one common share purchase warrant. Each Warrant will entitle the Company to acquire one additional post-consolidated common share of Kilo for five years at a price of $0.35 during the first two years and $0.50 for the next three years.

If the minimum offering of $5,000,000 is completed, Corona could own or control up to 11.2 million of the post-consolidated common shares of Kilo, representing up to approximately 21.6% of the post-consolidated common shares then issued and outstanding, as well as warrants to acquire up to a further 11.2 million post-consolidated common shares of Kilo. Assuming the exercise of all warrants by Corona only, Corona could own or control up to approximately 35.5% of the number of post-consolidated common shares of Kilo that would be issued and outstanding on a partially diluted basis.

Completion of the offering is subject to receipt of shareholder approval for the creation of new control persons to be obtained at the special shareholders’ meeting of Kilo scheduled for May 1, 2014, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Corona’s participation in the Kilo financing is being acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors, and in accordance with the provisions of applicable securities legislation.

Posted March 25, 2014

Share this news article


Trevali to Restart Caribou Mine with Improved Economics; Continues Studies on Longer Term Value Potential

Trevali Mining Corporation (TSX: TV) (BVL: TV) (OTCQX: TRE... READ MORE

January 15, 2021

Bear Creek Mining Announces Closing of C$34.5 Million Bought Deal Financing

Bear Creek Mining Corporation (TSX-V: BCM) (BVL: BCM) is pleased ... READ MORE

January 15, 2021

ValOre Drills Shallow PGE Mineralization at Santo Amaro Target, Pedra Branca:

14.65 metres of 1.29 g/t 2PGE+Au from surface and 11.81 metres of... READ MORE

January 15, 2021

Silvercorp Reports Operational Results and the Financial Results Release Date for the Third Quarter of Fiscal 2021

Silvercorp Metals Inc. (TSX:SVM) (NYSE American: SVM) reports pro... READ MORE

January 15, 2021

Spearmint Returns Best Drill Results to Date on its Clayton Valley Lithium Claystone Project

Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AH... READ MORE

January 15, 2021

Copyright 2021 The Prospector News