Coronado Announces Completion of the Acquisition of Opunake Hydro Limited
VANCOUVER, Sept. 27, 2013 /PRNewswire/ - Coronado Resources Ltd. (TSX-V: CRD) and (OTCQX: CRDAF) ("Coronado") is pleased to announce that it has completed its change of business acquisition previously announced on May 14, 2013 (the "Acquisition"). Pursuant to the Acquisition, Coronado indirectly acquired all of the outstanding common shares of Opunake Hydro Limited ("OHL") from TAG Oil Ltd. ("TAG") and Opunake Hydro Holdings Limited ("OHHL") in exchange for the issuance of 13,015,410 common shares of Coronado (the "Coronado Shares") to TAG and 1,446,157 Coronado Shares to OHHL. The Coronado Shares issued to TAG and OHHL represent an aggregate purchase price of $5,584,000, based on the volume weighted average closing price of the Coronado Shares on the TSX Venture Exchange for the twenty consecutive trading days ending May 10, 2013. As a result of the Acquisition, TAG now owns 49.18%, and TAG and OHHL, collectively, own 51.01%, of the issued capital of Coronado.
The Acquisition received the requisite approval from shareholders of Coronado on August 29, 2013, and Coronado received approval from the Overseas Investment Office of New Zealand on September 18, 2013.
Further information regarding the Acquisition is contained in Coronado's information circular dated July 29, 2013 that has been filed on Coronado's SEDAR profile and can be obtained at www.sedar.com.
The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this press release. The Acquisition remains subject to final TSX Venture Exchange acceptance. There can be no assurance that the TSX Venture Exchange will approve the Acquisition.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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. 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. 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. 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.