Coronado announces completion of the acquisition of Opunake Hydro Limited
Tuesday, Oct 01, 2013
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.
Source: CORONADO RESOURCES LTD.