TORONTO, Oct. 20 /CNW/ - Corona Gold Corporation ("Corona" or the
"Company") (TSX - CRG) is pleased to announce that its previously announced
rights offering has expired and was fully subscribed. Under the offering,
Corona issued an aggregate of 3,646,461 common shares at a price of $0.25 per
share to raise gross proceeds of approximately $910,000. After giving effect
to the rights offering, Corona has an aggregate of 18,341,701 shares issued
and outstanding. The Company intends to use the proceeds of the offering
(after payment of expenses) to pursue and evaluate new resource projects and
for general corporate purposes.
Dundee Corporation, the Company's largest beneficial shareholder,
purchased indirectly an aggregate of 1,061,804 common shares under the rights
offering and received an additional 109,393 common shares as consideration for
providing a stand-by purchase commitment. Dundee currently holds, indirectly,
an aggregate of 4,971,197 common shares representing 27.1% of the outstanding
shares.
%SEDAR: 00012331E