Gold Royalties Proposal to Benton Capital
March 22 2013 - 10:58AM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) references
Gold Royalties Corporation ("Gold Royalties" or "GRO") new release
dated March 21, 2013 that "it has offered to acquire 100% of the
outstanding shares of Benton Capital Corp. (TSX VENTURE:BTC)
("Benton or BTC") for all-share consideration of 0.133 shares of
Gold Royalties (the "Exchange Amount") per outstanding BTC share
(the "Proposed Transaction"). The Exchange Amount equates to a
market-equivalent of $0.10 per issued BTC share in GRO equity, a
100% surplus to the closing price of BTC as at March 20, 2013."
In its news release GRO noted, "(t)hat process will include the
intended divestiture of certain working capital assets for
redeployment into new royalty assets, including Benton Capital's
equity position in Coro Mining Corp." and "(t)he offer will be made
by way of a formal offer and takeover bid circular to be mailed to
shareholders of BTC and will be subject to various conditions,
including receipt of all required regulatory approvals, termination
or waiver of BTC's shareholder rights plan and not less than 66-2/3
per cent of the BTC shares being deposited under the offer and not
withdrawn. Further details concerning the offer will be included in
the formal offer and takeover bid circular."
BTC news release of March 21, 2013 noted "(d)ue to the fact that
Benton has received the Offer with no previous notice, it will be
reviewing its contents with its Board of Directors and both
corporate legal and investment counsel as soon as further details
are received. Benton will update shareholders with additional
information as it becomes available."
Coro notes GRO's statement that if it is successful in its
takeover of Benton, it intends to divest of Benton's equity
position in Coro. Coro wishes to clarify that under the terms of an
existing agreement with Benton, Benton first has to give notice of
its intention to sell shares in Coro, and Coro has the right to
arrange for a purchaser of any such Coro shares to be sold by
Benton. As Coro has not been a party to these discussions it is
unable to comment further at this time.
About Benton Capital Corp.:
BTC is a Canadian based junior which holds the Goodchild
Copper-Nickel-PGM project located 5km NE of Stillwater Mining's
Marathon Copper-PGM deposit currently being permitted for
production. Benton Capital Corp. also holds approximately 57.87
million shares (approximately 41.84%) of Coro.
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 Berta, El
Desesperado, Payen, Chacay, Llancahue, and Celeste copper
properties located in Chile.
For further information please visit the Company's website at
www.coromining.com.
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 Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New
Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and
Labrador.
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
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