VANCOUVER, Jan. 9, 2019 /CNW/ - Coronado Resources Ltd. (NEX: CRD.H / OTC: CRDAF) announced today that the Company continues to engage with the TSX Venture Exchange ("TSX-V") in order to complete Coronado's "change of business" to a technology issuer and the acquisition of Vancouver-based Skyrun Technology Corp. ("Skyrun"), as announced on August 28, 2018.
In support of the acquisition, Coronado will be providing Skyrun with a $75,000 loan, which will be secured and bear interest at the business prime rate quoted from time to time by the Bank of Canada plus 2%. The loan will mature on the first anniversary from the date the monies are advanced and may be repaid in advance without bonus or penalty. In accordance with TSX-V policy 5.2, the loan will not be advanced to Skyrun until 15 days following this news release.
Trading in Coronado's shares will remain halted pending closing of the Skyrun acquisition and final approval by the TSX-V.
Completion of the acquisition is subject to several conditions, including TSX-V 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 loan and the change of business 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 loan or the proposed acquisition 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 loan and 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 loan and the acquisition 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/