Greenstone Resources L.P.

Greenstone Resources L.P.

June 13, 2016 13:10 ET

Greenstone Resources L.P. Acquisition of Common Shares of Coro Mining Corp.

GUERNSEY, CHANNEL ISLANDS--(Marketwired - June 13, 2016) - Further to its press release dated May 24, 2016, Greenstone Resources L.P. ("Greenstone") announces that it has acquired 34,000,000 common shares (the "Purchased Shares") of Coro Mining Corp. ("Coro" or the "Company") in connection with the previously announced private placement of up to 100,000,000 common shares of the Company (the "Private Placement").

The Purchased Shares were acquired by Greenstone at a price per Purchased Share of C$0.10, for aggregate proceeds of C$3,400,000, payable in USD (the "Tranche 1 Placement"). Immediately prior to the completion of the Tranche 1 Placement, Greenstone had ownership of and control over a total of 186,530,000 common shares of Coro, representing approximately 53.9% of the issued and outstanding common shares. As a result of the completion of the Tranche 1 Placement, Greenstone currently has ownership of and control over 220,530,000 common shares of Coro, representing approximately 58.0% of the issued and outstanding common shares of Coro.

In addition, as disclosed in the press release dated May 24, 2016, in the event that Coro is not able to raise an additional C$4.61m under the Private Placement from subscribers other than Greenstone, Greenstone has agreed, subject to satisfaction of customary conditions and the approval by shareholders of Coro other than Greenstone, to subscribe for up to 66,000,000 additional common shares of Coro at a price per common share of C$0.10 (to be converted into US dollars) (the "Tranche 2 Placement"), representing 64.3% of the issued and outstanding common shares of Coro post-conversion of the Convertible Debentures and post completion of the Tranche 1 Placement.

Coro and Greenstone have agreed that the amount of the Tranche 2 Placement shall be no less than such number of common shares as will result in Greenstone owning at least 53.9% of the issued and outstanding common shares of Coro after completion of the Tranche 2 Placement.

Greenstone acquired the Purchased Shares for investment purposes. Depending on market conditions and other factors (including pursuant to the proposed Tranche 2 Placement,), Greenstone may from time to time acquire and/or dispose of securities of Coro or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the transactions will be available on SEDAR at www.sedar.com and can be obtained by contacting Joanna Duquemin Nicolle and Sadie Morrison at +44 1481 810 100. Greenstone's address is set out below.

Greenstone Resources L.P.
1st Floor, Royal Chambers
St Julian's Avenue
St Peter Port, Guernsey
Coro Mining Corp
Suite 1280 - 625 Howe Street
Vancouver, BC
Canada V6C 2TB

Contact Information

  • Joanna Duquemin Nicolle and Sadie Morrison
    +44 1481 810 100