VANCOUVER, Feb. 27, 2019 /CNW/ - Coronado Resources Ltd. (NEX: CRD.H) announced today that it has received conditional TSX Venture Exchange ("TSX-V") approval for the Company's acquisition announced August 28, 2018 to acquire Vancouver-based Skyrun Technology Corp. ("Skyrun") and Coronado's "change of business" to a technology issuer (the "COB Transaction"). Upon completion of the Skyrun acquisition and final approval by the TSX-V, Coronado will change its name to: Interlapse Blockchain Corp.
Coronado intends to complete a non-brokered private placement of approximately 2,000,000 common shares concurrent with the closing of the Skyrun acquisition at a price of $0.50 per share for gross proceeds of approximately $1,000,000.
Completion of the COB Transaction is subject to the TSX-V's customary closing conditions. As previously announced in the Company's August 28, 2018 press release, shareholder approval is not required in relation to the COB Transaction. Shareholder approval is not required as, in accordance with TSX-V Policy 5.2, the Skyrun acquisition is not a related party transaction within the meaning of TSX-V Policy 5.9, Coronado is without active operations and listed on the NEX, is not and will not be subject to a cease trade order and will not otherwise be suspended from trading on completion of the COB Transaction, and shareholder approval is not required under applicable corporate and securities laws.
Trading in Coronado's shares will remain halted pending closing of the COB Transaction and final approval by the TSX-V.
Completion of the acquisition is subject to several conditions, including TSX-V final acceptance. There can be no assurance that the acquisition will be completed as proposed or at all. Investors are cautioned that any information released or received with respect to the private placement and the COB Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Coronado should be considered highly speculative. The TSX-V has in no way passed upon the merits of the private placement or the COB Transaction and has neither approved nor disapproved the contents of this press release.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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. 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 results of, the private placement and the COB Transaction.
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 private placement and the COB Transaction and that a strategic plan for the near and mid-term can be determined. 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, uncertainties in the development of Skyrun's business, changes in the applicable regulatory regime, changes to the cryptocurrency market, and risks inherent in the development of a start-up plan business. 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: Ashley Garnot, Corporate Development, Phone: +1.604.682-6496, Contact: [email protected], Website: http://www.coronadoltd.com/, Blog: http://coronadoltd.com/blog/