TORONTO, July 9 /CNW/ - Coronation Minerals Inc. (TSX VENTURE: CMV) (the "Company") announces that it has made an application to the TSX Venture Exchange (the "TSXV") to extend the term of its Series 2008-I and Series 2008-II warrants to June 30, 2011.
21,620,277 Series 2008-I warrants were originally issued in June 2008 and are exercisable at $0.30 per share until 5:00 p.m. (Toronto time) on the date which is the earlier of: (i) December 5, 2009, and (ii) if the closing price of the common shares for any 20 consecutive trading days exceeds $0.50, the date which is the later of (A) 30 days following the date of mailing of written notice of the accelerated expiry date to holders of the warrants; and (B) 30 days following the date a press release is issued by the Company announcing the accelerated expiry date.
7,042,388 Series 2008-II warrants were originally issued on June 27, 2008 and are exercisable at $0.30 per share until 5:00 p.m. (Toronto time) on the date which is the earlier of: (i) December 27, 2009, and (ii) if the closing price of the common shares for any 20 consecutive trading days exceeds $0.50, the date which is the later of (A) 30 days following the date of mailing of written notice of the accelerated expiry time to the holders of the warrants; and (B) 30 days following the date a press release is issued by the Company announcing the accelerated expiry time.
The amended warrants will expire at 5:00 p.m. (Toronto time) on June 30, 2011, provided that if the closing price of the common shares for any 20 consecutive trading days exceeds $0.50, the Company may accelerate the expiry time to the date which is the later of (A) 30 days following the date of mailing of written notice of the accelerated expiry time to the holders, and (B) 30 days following the date a press release is issued by the Company announcing the accelerated expiry time. The exercise price for both series of warrants will remain the same.
The warrant amendments have been approved by the board of directors of the Company but in the case of the Series 2008-I warrants, the warrant amendment remains subject to warrantholder approval.
The warrant amendments are also subject to TSXV approval.
About Coronation Minerals Inc. ------------------------------
Coronation Minerals Inc. is a Canadian based exploration and development company. The Company presently controls and holds the Coppermine River Project, Nunavut Territory and the Rory Claims, Yukon Territory. Both of these projects are described as Copper-Nickel-Platinum-Palladium prospects.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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