Coronado Resources Ltd. closed the private placement of 4 million units at a price of $0.14 per unit for gross proceeds of $560,000 as previously announced on September 9th 2011. Each unit is comprised of one common share and one share purchase warrant exercisable at $ 0.18 per share for a period of 2 years. Funds will be used to acquire mining equipment, further exploration and development at the Madison mine as well as general expenses. The shares and warrants are subject to a hold period under applicable Canadian securities laws expiring February 13, 2011.
The Company also announces that Mr. Brian Welch has resigned as director and Mr. Dan Brown has joined the board of directors.
VANCOUVER, Oct. 17, 2011 /PRNewswire/