GUERNSEY, CHANNEL ISLANDS--(Marketwired - March 24, 2017) - Further to the press release of Coro Mining Corp. ("Coro") of 22 March 2017, Greenstone Resources L.P. ("Greenstone") announces that it has signed a binding term sheet (the "Term Sheet") to subscribe for, subject to satisfaction of customary conditions, a minimum of 55,934,464 common shares of Coro, at a price per common share of C$0.15, for aggregate gross proceeds of C$8,390,170 (the "Greenstone Minimum Subscription"). The Greenstone Minimum Subscription is part of a larger proposed private placement by Coro to raise up to C$16,152,000 (the "Private Placement").
In addition, pursuant to the Term Sheet, in the event that no other subscribers participate in the Private Placement, Greenstone has agreed to subscribe for all 107,680,000 common shares of Coro to be offered pursuant to the Private Placement (the "Greenstone Maximum Subscription").
Greenstone currently has ownership of and control over 270,281,524 common shares of Coro, representing approximately 55.66% of the total issued and outstanding common shares of Coro. Assuming the completion of the Greenstone Minimum Subscription, Greenstone have ownership of and control over a total of 326,215,988 common shares of Coro and will maintain its current ownership percentage of approximately 55.66%. Assuming the completion of the Greenstone Maximum Subscription, Greenstone will have ownership of and control over a total of 377,961,524 common shares of Coro, representing approximately 63.71% of the total issued and outstanding common shares of Coro.
Greenstone intends to acquire the common shares of Coro for investment purposes. Depending on market conditions and other factors, 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.