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Announces Participation in Valley High Non-Brokered Private Placement
Coro Mining Corp. ("Coro" or the "Company") (TSX:) announces that it has sold, through the facilities of the TSX Venture Exchange, 3,050,000 common shares of Valley High Ventures Ltd. ("Valley High") which were previously acquired by Coro in October 2008. filed a Form 45-102F2 Notice of Intention to Distribute Securities on announcing 's intention to sell up to 3,256,141 common shares of Valley High.
has also agreed to participate in a non-brokered private placement previously announced by Valley High, and to subscribe for 3,050,000 units in that private placement. Each unit of Valley High to be issued pursuant to the non-brokered private placement will be issued at a price of
.45 and will consist of one common share and one-half of one transferable common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of Valley High at a price of
.65 for a period of 18 months from closing. The Valley High non-brokered private placement was announced on by Valley High in conjunction with a brokered private placement. expects to acquire the units of Valley High in reliance on the exemption available in Section 2.10 of National Instrument 45-106.
Prior to the sale of the Valley High shares, owned 9,140,353 common shares of Valley High, which represented approximately 22.4% of the issued and outstanding shares of Valley High as of . After the completion of the Valley High non-brokered private placement, will own 9,140,353 common shares of Valley High and 1,525,000 Warrants. On a non-diluted basis, and assuming the successful completion of the entire non-brokered private placement announced on , will own 20.6% of the issued and outstanding shares of Valley High.
Coro has acquired the Valley High securities for investment purposes only and may acquire further securities of Valley High for investment purposes, in the market or privately, from time to time.
Alan Stephens, President and CEO commented, "The Company is excited by Valley High's discovery at the Cordero property, in and looks forward to continuing to be a major shareholder in Valley High. continues to believe in not only the potential of the Cordero project but also the other activities currently being undertaken by Valley High Ventures."
CORO MINING CORP.
Alan Stephens, President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in . The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. 's core property is the advanced San Jorge copper-gold project, in , and the Company holds other earlier stage exploration properties located in .
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbi a, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
SOURCE: Coro Mining Corp.
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682
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