Coro Mining closes $1.02-million final tranche

Jan 22, 2014

CORO CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FINANCING

Coro Mining Corp. has closed the second and final tranche of its previously announced non-brokered private placement of up to 22.5 million units at a price of 10 cents per unit to raise gross proceeds of up to $2.25-million.

In the second tranche, 10,205,000 units were issued for gross proceeds of the company of approximately $1,020,500. Each unit comprises 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 15 cents for a period until Jan. 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 30 cents 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 finders’ fees of 6 per cent 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 under way at El Desesperado using two rigs together with a backhoe trenching program. This exploration is being undertaken in the area where previously reported reverse circulation drill hole CED-R-4 intercepted 204 metres of 0.55 per cent total copper from surface. Assay results will be released in due course.

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