GUERNSEY, Channel Islands, Sept. 26, 2018 (GLOBE NEWSWIRE) -- Further to its press release of August 9, 2018 and the press release of Coro Mining Corp. of September 26, 2018, Greenstone Resources L.P. (“Greenstone”) announces that it, and its affiliate Greenstone Co-Investment No 1 LP (together with Greenstone, the “Greenstone Group”), have each exercised their respective basic subscription privileges (as defined in applicable Canadian securities laws) in connection with the rights offering of Coro announced on August 7, 2018, as a result of which the Greenstone Group has subscribed for an aggregate of 373,677,049 common shares of Coro (the “Greenstone Subscription”), at a price per share of C$0.05, for aggregate gross proceeds of C$18,683,853. The subscription by the Greenstone Group of 208,604,954 common shares (of the Greenstone Subscription) was deemed a repayment by Coro of the aggregate US$8,000,000 principal amount (C$10,430,248) owing by Coro to Greenstone pursuant to the US$3,000,000 credit agreement dated December 15, 2017 and the US$5,000,000 facility agreement dated February 26, 2018.
Immediately prior to the completion of the Greenstone Subscription, the Greenstone Group had ownership of and control over 435,969,014 common shares of Coro, representing approximately 55.6% of the total issued and outstanding common shares of Coro. As a result of the completion of the Greenstone Subscription, Greenstone, Greenstone Co-Investment No 1 LP and another affiliate of Greenstone collectively own and control an aggregate of 809,646,063 common shares of Coro, representing an ownership interest of 55.6% of the total issued and outstanding shares of Coro, which was the ownership interest of the Greenstone Group prior to the Greenstone Subscription.
The Greenstone Group acquired the common shares pursuant to the Greenstone Subscription for investment purposes. Depending on market conditions and other factors, the Greenstone Group 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 Matt Hornton or Gordon Purvis at +44 1481 749 700. Greenstone’s address is set out below.
Greenstone Resources L.P.
PO Box 656
Trafalgar Court, Les Banques
St Peter Port, Guernsey
Coro Mining Corp
82 Richmond Street East, Suite 400
Toronto, Ontario, M5C 1P1