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Message: Closes Initial Tranche of $4.5 Million Private Placement
| January 26, 2009 |
| Coro Closes Initial Tranche of $4.5 Million Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the closing of the previously announced non-brokered private placement (the "Private Placement") with Benton Resources Corp. ("Benton") of 27,272,727 units of the Company at a price of $0.11 per unit. Each unit is comprised of a common share and one transferable common share purchase warrant, with each warrant exercisable to acquire one common share until January 23, 2011, subject to earlier forced exercise, at an exercise price of $0.18 until January 23, 2010 and an exercise price of $0.20 thereafter. The Company expects to close the remaining $1,500,000 of the previously announced private placement on or before February 5, 2009. Coro is further pleased to announce that has entered into an amending agreement with Lumina Copper Corp. ("Lumina") to amend the option payment schedule for the San Jorge copper project. Under the original terms, Coro was to make option payments to purchase the San Jorge project in the amount of US$16.5 million less the aggregated deemed share price of 1,000,000 Coro shares previously issued to Lumina, in two equal payments in December 2009 and December 2010. Under the amended terms, Coro will now pay US$0.5 million in May 2009; US$2.0 million in May 2010; US$4.0 million in May 2011; US$5.0 million in May 2012; and US$5.0 million in May 2013, less the aggregate deemed value of the 1,000,000 common shares previously issued. Coro has agreed to pay Lumina a net smelter return production royalty of 1.5% on all products other than copper, produced at the San Jorge project. Alan Stephens, President and CEO of Coro commented: "We are pleased to welcome Benton as a significant shareholder of Coro. This Private Placement with Benton along with the pending closing of an additional 13,636,363 units and the amended purchase agreement will enable the Company to advance the San Jorge project in a more realistic time frame. We look forward to continuing to work with the local community and the government of Province of Mendoza during the evaluation of the project's Environmental Impact Study that is currently underway." CORO MINING CORP. Alan Stephens, President and CEO |
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