GUERNSEY, Channel Islands, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Further to the press release of Coro Mining Corp. (“Coro”) of 7 August 2018, Greenstone Resources L.P. (“Greenstone”) announces that it has converted the principal amount of its US$2 million convertible loan with Coro, as a result of which it has subscribed for 21,883,492 common shares of Coro, at a price per common share of C$0.12, for aggregate gross proceeds of C$2,626,019 (the “Greenstone Subscription”).
Immediately prior to the completion of the Greenstone Subscription, Greenstone and its affiliate Greenstone Co-Investment No. 1 (Coro) L.P. had ownership of and control over 414,085,522 common shares of Coro, representing approximately 54.4% of the total issued and outstanding common shares of Coro (taking into account the recently completed private placement of common shares of Coro by an entity of the Tembo Capital private equity group, as disclosed by Coro in its press release of 7 August 2018). As a result of the completion of the Greenstone Subscription, Greenstone acquired an additional interest of approximately 1.3% in the issued and outstanding common shares of Coro, and currently has 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.
In addition, as disclosed by Coro in its press release of 7 August 2018, Greenstone has indicated to Coro that it, together with its affiliate (the “Greenstone Group”), intends to exercise their basic subscription privilege (as defined in applicable Canadian securities laws) in connection with the rights offering announced by Coro in its press release of 7 August 2018 (the “Rights Offering”), as a result of which it is expected that the Greenstone Group will maintain its ownership interest of 55.6%, following completion of the Rights Offering.
Greenstone acquired the common shares pursuant to the Greenstone Subscription 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 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