Coronado Announces Shareholder Approval for the Acquisition of Opunake Hydro Limited
VANCOUVER, Aug. 29, 2013 /CNW/ - Coronado Resources Ltd. (TSX-V: CRD) and (OTCQX: CRDAF) ("Coronado") is pleased to announce that, at the annual general and special meeting of Coronado's shareholders held earlier today (the "Meeting"), Coronado's proposed change of business acquisition previously announced on May 14, 2013 (the "Acquisition"), was approved by the disinterested shareholders of Coronado. If the Acquisition is completed, Coronado will acquire of all of the outstanding common shares of Opunake Hydro Limited ("OHL") from TAG Oil Ltd. and Opunake Hydro Holdings Limited in exchange for 14,461,567 common shares of Coronado.
The completion of the Acquisition remains subject to the satisfaction of a number of conditions, including final approval from the TSX Venture Exchange, and the requisite regulatory approvals in New Zealand. Coronado expects the Acquisition will be completed during the third calendar quarter of 2013.
At the Meeting, the shareholders of Coronado also elected the board of directors, re-appointed its auditors, re-approved Coronado's stock option plan, and approved an advance notice policy.
Further information regarding the Meeting and the proposed Acquisition is contained in Coronado's information circular dated July 29, 2013 that has been filed on Coronado's SEDAR profile and can be obtained at www.sedar.com.
Completion of the Acquisition remains subject to a number of conditions, including TSX Venture Exchange acceptance and New Zealand regulatory approval. There can be no assurance that the Acquisition will be completed as proposed or at all.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Acquisition and has neither approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Coronado and the Acquisition. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements and information concerning anticipated financial performance are based on management's assumptions using information currently available. Forward-looking statements in this news release include Coronado's expectations regarding the ability to complete, and the anticipated timing of, the Acquisition.
In making the forward-looking statements in this news release, Coronado has applied certain factors and assumptions that are based on information currently available to Coronado as well as Coronado's current beliefs and assumptions made by Coronado, including that Coronado will be able to complete the Acquisition and that all requisite approvals will be obtained. Although Coronado considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that regulators do not approve the Acquisition or that OHL's operations do not continue at their current levels. Although Coronado has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Coronado does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE CORONADO RESOURCES LTD.For further information:
Daniel Brown, CEO
Phone at 604-683-6338