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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (3591)12/20/2013 4:01:15 PM
From: Goose94 of 202714
 
Coro Mining (COP-V) has closed the first 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.

Dec 20, 2013 - News Release

10,873,246 Units were issued in the first tranche for gross proceeds of the Company of approximately $1,087,325. Each Unit is comprised of one common share of the Company and one half of a common share purchase warrant (each whole warrant, a "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 December 20, 2016. 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.

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 anticipates closing the second tranche of the Private Placement in January 2014.
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