Coro Announces Proceeds From Benton Warrant ExerciCoro Announces Proceeds From Benton Warrant Exercise
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that Benton Resources Corp. ("Benton") (TSX VENTURE:BTC) has exercised 16,672,727 warrants in the Company, which were set to expire on January 23 2011, at an exercise price of
.20 per share, for proceeds of $3.3 million. As of January 10, 2011 Coro now has 122,794,590 common shares issued and outstanding and 146,640,444, fully diluted. Coro has a further 10,285,455 warrants held by other parties which expire on February 5, 2011 with an exercise price of
.20 (for potential proceeds of $2.1 million). Benton now holds 55,373,954 common shares of Coro or 45% of the current issued and outstanding shares of Coro which would reduce to 41.6% upon exercise of the February 5 2011 warrants.
The Company has 6,249,999 remaining warrants at an exercise price of
.50 (for potential proceeds of $3.1 million) until June 1, 2011, and at an exercise price of
.65 thereafter subject to a forced exercise provision. The forced conversion is initiated should the common shares of Coro trade at a price that is greater than or equal to
.625 prior to June 1, 2011 for a period of 10 trading days or is equal to or greater than
.8125 thereafter for a period of 10 trading days and Coro has received the approval of the Mendoza provincial government for its Environmental Impact Study for the San Jorge project.
With the proceeds from the Benton warrant exercise, the Company now has cash and cash equivalents of approximately $11 million, and potentially will receive an additional $2.1 million next month. This, together with the potential proceeds of $3.1 million from the forced conversion of the remaining warrants leaves Coro well funded to continue to advance the San Jorge project , including making the Lumina payment due in May 2011 and to advance our exploration portfolio in Chile.
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 Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 3,290,353 shares (a 5.2% interest) in Valley High (www.valleyhighventures.com) and an additional 1.5 million warrants in Valley High.
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 5546
investor.info@coromining.com
www.coromining.com