Coronado Proposes Share Consolidation and Name Change
VANCOUVER, Dec. 7, 2011 /PRNewswire/ - Coronado Resources Ltd. (TSX-V: CRD) has instructed its solicitors to convene a shareholder meeting on February 23rd 2012 at which time, the Company will request shareholders to approve a share consolidation. Coronado will request that the shareholders approve by ordinary resolution a consolidation of its outstanding share capital on the basis of one post consolidation for three pre-consolidation shares. This consolidation will increase Coronado's flexibility and better position the Company for future funding.
Coronado currently has 29,223,048 shares issued and outstanding and after the consolidation the Company will have 9,741,016 common shares. Coronado will also seek approval for a name change in conjunction with the consolidation. The completion of the consolidation and name change will be subject to shareholder and regulatory approval.
Production and development is continuing at Madison Mine and has received a total of $487,740 in two payments. Coronado is waiting payment for the October shipment of 532 tons recently shipped which is expected to be in the $500,000 range. Funds have and will be used for ongoing mining expenses as well as repaying outstanding debts and loans which are in the order of $275,000.
On Behalf of the Board
Eugene Larabie, P. Eng., President
Coronado Resources Ltd.
#507 - 595 Howe Street, Vancouver, BC V6C 2T5
The foregoing information may contain forward-looking statements relating to the future performance of Coronado Resources Ltd. with regards to the use of funds from the private placement. Forward-looking statements, specifically those concerned with future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in filings with the appropriate securities commission.
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.
SOURCE CORONADO RESOURCES LTD.