Vancouver, BC, May 15, 2014 - Coronado Resources (CSE:CRD) (OTCQX:CRDAF) is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol "CRD". Concurrent with its new CSE listing, the company is de-listing from the TSX Venture Exchange.
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In September, the company completed its change of business, when it acquired all of the outstanding common shares of Opunake Hydro Limited from TAG Oil (TSX:TAO). The company issued 13,015,410 shares of Coronado to TAG Oil, and 1,446,157 shares to Opunake Hydro Holdings Ltd, which represented a purchase price of $5,584,000. As a result of the acquisition, TAG Oil now owns 49.18% of Coronado.
Taranaki, New Zealand-based Opunake Hydro, operates a hydro electricity generation facility and a gas fired generation facility. Its existing hydro generation facility produces electricity which is fed into the local power company`s network. The natural gas fired facility, located at the Cheal oil and gas field, supplies electricity to both the Cheal Site and into New Zealand`s main power grid. The company plans to significantly expand its power generation facilities.
In the 12 months ending March 31, 2013, approximately 13% of Opunake`s revenues were derived from sales of electricity to TAG Oil.
In addition to clean power generation and oil & gas exploration, the company also owns, operates, and is developing the Madison Gold property in Montana through its 100% controlled subsidiary Lynx Gold Corp., which has been mining high-grade gold and copper since 2008.
The shares last traded at $0.135, and with 79.3 million shares outstanding, the company is capitalized at $10.7 million.
For more information, please visit the company's website, www.coronadoresourcesltd.com or contact Daniel Brown, CEO, at 604-683-6338 or email info@coronadoresourcesltd.com.
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