Corona Gold Corporation

June 26, 2013 16:00 ET

Corona Announces Renewal of Its Normal Course Issuer Bid, Results of Election of Directors and Shareholder Approval of Advance Notice By-Law

TORONTO, ONTARIO--(Marketwired - June 26, 2013) - The Board of Directors of Corona Gold Corporation (TSX:CRG) ("Corona") has authorized the purchase of up to the greater of (i) 5% of its outstanding common shares and (ii) 10% of its outstanding common shares not including shares held by directors and senior officers of Corona and persons that beneficially own, or exercise control or direction over, more than 10% of the common shares, by way of normal course purchases ("NCIB") on the Toronto Stock Exchange ("TSX"), subject to regulatory approval. Corona intends to file the required notice with the TSX to obtain such approval as soon as practicable.

Corona believes that its common shares currently trade in a price range that does not adequately reflect their underlying value based on Corona's business and strong financial position. As a result, Corona believes that an investment in its outstanding common shares represents an attractive investment and a desirable use of a portion of its corporate funds.

The purchases may commence on the date that is two trading days after the latest of (i) the date of acceptance by the TSX of Corona's notice of intention in final executed form, and (ii) the date that Corona issues the press release required by the TSX in connection with the NCIB. Corona's current NCIB ends on July 15, 2013. It is intended that this renewal will take effect upon expiry of the current NCIB. It is expected that the purchases will terminate not more than one year after the purchases commence, or on such earlier date as Corona may complete its purchases.

Purchases will be made by Corona in accordance with applicable regulatory requirements and the price which Corona will pay for any such common shares will be the market price of such shares at the time of acquisition. The common shares purchased will be cancelled.

To the knowledge of Corona, no director, senior officer or other insider of Corona currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.

Corona held its Annual and Special Meeting of shareholders (the "Meeting") earlier today and is pleased to announce that the nominees listed in the management information circular for such Meeting were elected as directors of Corona. Detailed results of the vote for the election of directors are set out below.

Nominee Votes For % For Votes
% Withheld
Ned Goodman 8,654,563 91.98 754,893 8.02
Peter C. McRae 8,665,422 92.09 744,034 7.91
Mark Goodman 8,636,662 91.79 772,794 8.21
Richard W. Brissenden 8,637,922 91.80 771,534 8.20
R. James Milliken 8,609,162 91.49 800,294 8.51
W. Murray John 8,658,313 92.02 751,143 7.98
James Kalman 8,654,563 91.98 754,893 8.02

In addition, Corona further announces the ratification and approval by its shareholders at the Meeting of Corona's By-law No. 2, a by-law relating to the nomination of directors (the "Advance Notice By-law"). The purpose of the Advance Notice By-law is to provide shareholders, directors and management of Corona with a clear framework for nominating directors. Corona previously announced its adoption of the Advance Notice By-law and the Board of Directors' approval in a press release issued on May 9, 2013.

Forward-Looking Information:

This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that Corona believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to Corona's intention to purchase its common shares under the NCIB) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of Corona based on information currently available to Corona as well as certain assumptions including, without limitation, assumptions as to the TSX approving Corona's notice of intention to repurchase its common shares pursuant to the NCIB. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Corona to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Corona. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure of Corona to obtain TSX approval of the normal course issuer bid in a timely manner.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Corona disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Corona believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Contact Information

  • Corona Gold Corporation
    Murray John
    (416) 482-8606