Business
Benton Acquires Significant Shareholding in Coro Mining Corp.
THUNDER BAY, ON, Jan. 26 /CNW/ - Benton Resources Corp. ("Benton" or the "Company") is pleased to...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nTHUNDER BAY, ON, Jan. 26 /CNW/ - Benton Resources Corp. ("Benton" or the\n"Company") is pleased to announce that it has closed its previously announced\nnon-brokered private placement in Coro Mining Corp. ("Coro") by acquiring\n27,272,727 units of Coro at a price of $0.11 per unit for a total investment\nof CAD$3,000,000, each unit consisting of one common share and one common\nshare purchase warrant (the "Warrants") of Coro. Each Warrant entitles Benton\nto purchase one common share of Coro for a period of two years at a price of\n$0.18 for the first year from the date of closing and at a price of $0.20\nthereafter until the expiry date. The Warrants are subject to a forced\nexercise provision which provides that Benton will exercise the Warrants if:\n(i) the trading price of Coro's shares on the TSX trade at a price equal to or\ngreater than $0.50 for a period of 10 consecutive trading days; (ii) Coro has\nreceived approval for its Environmental Impact Study at its San Jorge project;\nand (iii) at the time of such exercise of Warrants, Coro completes a\nconcurrent equity financing at a price of not less than the gross proceeds of\nthe Warrants being exercised. Any Warrants not exercised pursuant to the\nforced exercise provision will expire at the end of the 10 days. Benton's\ninvestment, which was made from cash on hand, is part of a private placement\nof Coro of $4.5 million on the same terms with the remaining $1.5 million\nsubscribed for by unrelated parties and which is to close at a later date.\nUpon closing of the $4.5 million financing Benton will own approximately 34%\nof the issued shares of Coro prior to Benton exercising any of the Warrants.\n\n\nCoro is a Latin America focused exploration and development company whose\nprincipal asset is the San Jorge copper gold project, located in the Province\nof Mendoza, Argentina. In April 2008, Coro announced the conclusions of an\nindependent Preliminary Economic Assessment ("PEA"), for a Float Only project\nat San Jorge which contemplates the production of an average of 39,500 metric\ntonnes (approximately 90,000,000 lbs) per year of copper and 39,000 oz per\nyear of gold contained in concentrate for a period of 16 years. The Float Only\nproject has NI 43-101 compliant Measured and Indicated Resources of 152\nmillio...