Coronet Closes Share Purchase Agreement With First Liberty Power Corp.
Vancouver, British Columbia--(Newsfile Corp. - October 27, 2014) - Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTCQX: CORMF) ("Coronet" or the "Company") today announced that it has completed a definitive share purchase agreement (the "Definitive Agreement") to sell a 50% operational interest in Coronet Metals US Inc. ("Coronet US") which operates the Liberty Precious Metals Processing Facility (the "Liberty Mill") to First Liberty Power Corp. ("FLPC"). In exchange for FLPC acquiring 50% of the shares of Coronet US from Coronet, FLPC shall provide to Coronet a total of $200,000 in cash consideration, spread over a period of time. The funds will be used to bring all outstanding payments current, funding ongoing operational costs associated with Coronet US, including costs required to bring the facility back into full operational status.
Coronet President, Theo van der Linde, provided details of this development, "With this newly formed partnership the Company is looking forward to start reaping the benefits of having a near term means of processing future ore and/or concentrates from FLPC’s mineral properties, but also tolling opportunities that could be available to provide additional revenue opportunities."
Coronet US, will be co-managed with FLPC which brings an experienced and skilled local operations team and the parties will coordinate the overall refining of ore as well as the marketing of the operation to other 3rd party mining businesses. The combined efforts of the parties are expected to bring positive results to the Liberty Mill, which is fully permitted to process up to 50 tons of feed material per day from Nevada, as well as out-of-state suppliers, and maximize the capacity and capabilities of this facility.
Forward Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the execution of a Definitive Agreement for the Liberty Mill and the future operations at the Liberty Mill, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Neither the 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.
FOR FURTHER INFORMATION AND ENQUIRIES:
Theo van der Linde
President and CFO
Tel: +1 902 403 7258
Email: tvanderlinde@coronetmetals.com
Web: www.coronetmetals.com