Vancouver, BC, May 20, 2014 - Correction - Coronado Resources (CRD.V) (CRD.V) (CRDAF) is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol "CRD". The company has retained its TSX Venture Exchange listing, and will continue to trade on the TSX Venture Exchange.
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In September, the company completed its change of business, when it acquired all of the outstanding common shares of Opunake Hydro Limited from TAG Oil (TAO.TO). The company issued 13,015,410 shares of Coronado to TAG Oil, and 1,446,157 shares to Opunake Hydro Holdings Ltd, which represented a purchase price of $5,584,000. As a result of the acquisition, TAG Oil now owns 49.18% of Coronado.
Taranaki, New Zealand-based Opunake Hydro, operates a hydro electricity generation facility and a gas fired generation facility. Its existing hydro generation facility produces electricity which is fed into the local power company`s network. The natural gas fired facility, located at the Cheal oil and gas field, supplies electricity to both the Cheal Site and into New Zealand`s main power grid. The company plans to significantly expand its power generation facilities.
In the 12 months ending March 31, 2013, approximately 13% of Opunake`s revenues were derived from sales of electricity to TAG Oil.
In addition to clean power generation and oil & gas exploration, the company also owns, operates, and is developing the Madison Gold property in Montana through its 100% controlled subsidiary Lynx Gold Corp., which has been mining high-grade gold and copper since 2008.
The shares last traded at $0.135, and with 79.3 million shares outstanding, the company is capitalized at $10.7 million.
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Barry Morgan, CFO
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Source: InvestmentPitch via GlobeNewswire