Coro Mining Corp. (“Coro” or the “Company”) is
pleased to announce it has changed its name to Marimaca Copper
Corp. (“Marimaca Copper”) to align with its flagship development
project in Chile. The Company has also undertaken a 25:1 share
consolidation as part of a capital reorganisation.
The Company’s new website address is
www.marimaca.com where its latest investor presentation can be
found. An interview with the recently appointed Executive Chairman,
Michael Haworth, can be found at
https://www.b-tv.com/coro-mining-changes-name-to-marimaca-copper-corp-news-alert-30sec.
The Company’s new ticker will be MARI and
trading under the new name on the TSX will commence today, the 27th
of May 2020.
Michael Haworth, Executive Chairman
commented:
“The Marimaca Copper Project is one of the most
significant copper oxide discoveries in Chile in a decade, and
today’s announcement symbolises the commencement of an exciting new
chapter in the Company’s evolution.
We have a clear focus on developing Marimaca,
which we believe has all of the hallmarks of a low capital cost,
high margin, copper development project. A Preliminary Economic
Assessment for the Project is underway, which we expect will show
the project has robust and compelling economics across a broad
range of copper prices.
In addition, we remain very excited about the
ongoing exploration potential at Marimaca, especially in the near
mine oxide potential and for extensions at depth in the sulphide
zone. Any exploration success will only add to what is already a
tremendous investment case.
We are making significant progress on the
various technical de-risking workstreams and we look forward to
releasing the results of these programs to the market when they are
complete.”
Share Consolidation
Effective at the opening of markets on the 27th
of May 2020, the Company completed the consolidation of its common
shares (the “Share” or “Shares”) on the basis of one (1)
post-consolidated Share for every twenty-five (25)
pre-consolidation Shares held (the “Consolidation”).
Prior to the Consolidation, the Company had
1,608,946,194 common shares issued and outstanding and 42,995,539
options issued and outstanding. Following the Consolidation, the
Company has 64,357,847 common shares issued and outstanding and
1,719,821 options issued and outstanding.
On the 25th of May 2020, a letter of transmittal
with respect to the Consolidation was mailed to all shareholders of
the Company. All shareholders who submit a duly completed letter of
transmittal along with their respective share certificate(s)
representing the pre-consolidated Shares to the Company’s transfer
agent, Computershare, will receive a certificate representing the
post-consolidated Shares.
Dealings in the new common shares are expected
to commence trading on the TSX at market open today, the 27th of
May 2020.
Contact Information
For further information please visit
www.marimaca.com or contact:
Tavistock +44 (0) 207
920 3150Jos Simson/Emily Mossmarimaca@tavistock.co.uk
About Marimaca and the Marimaca Copper
Project
Marimaca is fast becoming recognised as one of
the most significant copper oxide discoveries in Chile in recent
years, as it is a new type of deposit which challenges accepted
exploration wisdom. Marimaca is hosted by intrusive rocks, while
the numerous manto deposits in the same region are hosted by
volcanics. With a lack of new copper discoveries in Chile,
the growing Marimaca resource is a high-profile development project
as it is situated in the coastal belt at low elevation close to
Antofagasta and Mejillones. This prime location could enable its
future development at a relatively modest capital investment.
Marimaca will benefit from nearby existing infrastructure including
roads, powerlines, ports, a sulphuric acid plant, a skilled
workforce and seawater for use in processing the oxide ore.
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. These statements relate to future events or the
Company’s future performance, business prospects or opportunities.
Forward-looking statements include, but are not limited to, the
impact of a rebranding of the Company, the future development and
exploration potential of the Marimaca Project. Actual future
results may differ materially. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable by Marimaca Copper, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: risks related to share price
and market conditions, the inherent risks involved in the mining,
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, the availability of and costs of financing
needed in the future 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. Accordingly, readers
should not place undue reliance on forward-looking statements.
Marimaca Copper undertakes no obligation to update publicly or
otherwise revise any forward-looking statements contained herein
whether as a result of new information or future events or
otherwise, except as may be required by law.
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