Gold Royalties Proposal to Benton Capital
News Release 13-02
March 22, 2013, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) references Gold Royalties Corporation (TSX VENTURE:GRO) (“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shareholder rights plan and not less than 66-2/3 per cent of the BTC shares being deposited under the offer and not withdrawn.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.
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 or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or firstname.lastname@example.org
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.