VANCOUVER, Oct. 2, 2018 /PRNewswire/ – Coronado Resources Ltd. (NEX: CRD.H and OTC: CRDAF) is pleased to provide highlights for the second quarter ended August 31, 2018. Coronado remains committed and looks forward to completing the Skyrun Technology Corp. (“Skyrun”) acquisition and foray into the technology sector.
On August 28, 2018, Coronado entered into a binding share purchase agreement to acquire 100% of the outstanding common shares of Skyrun. A Vancouver headquartered corporation, Skyrun is developing an intuitive web-based platform, which will allow users to easily purchase select virtual currencies from Canada.
Completion of this acquisition will position Coronado within an evolving specialized sector. In conjunction with the closing of the Skyrun acquisition, Coronado also announced proposed additions to its board of directors and executive team, as well as a non-brokered private placement.
On August 20, 2018, Coronado forward split its common shares on a 2-for-1 basis resulting in 6,462,822 common shares issued and outstanding, giving more flexibility to its capital structure.
As at August 31, 2018, Coronado’s working capital was $1,252,901 with no material liabilities and a loss carry-forward that can potentially be used to offset tax on future revenue.
Pending final review and approval by the TSX Venture Exchange and final closing of the Skyrun acquisition, trading in Coronado’s shares will remain halted.
Coronado Resources Ltd.
Coronado is a venture stage company pursuing attractive opportunities in the technology sector. The Company’s shares, which are widely distributed, trade on the NEX Board of the TSX Venture Exchange under the trading symbol: CRD.H. Coronado also trades on the OTC market network in the United States, trading symbol: CRDAF.
Completion of the Skyrun acquisition is subject to several conditions, including TSX-V acceptance. There can be no assurance that the Skyrun acquisition will be completed as proposed or at all. Investors are cautioned that any information released or received with respect to the change of business may not be accurate or complete and should not be relied upon. Trading in the securities of Coronado should be considered highly speculative. The TSX-V has in no way passed upon the merits of the proposed Skyrun acquisition and has neither approved nor disapproved the contents of this press release.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Coronado. Such statements can generally, but not always, be identified by words such as “expects”, “plans”, “anticipates”, “intends”, “estimates”, “forecasts”, “schedules”, “prepares”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements and information concerning anticipated financial performance are based on management’s assumptions using information currently available. Forward-looking statements in this news release include Coronado’s expectations regarding the ability to complete, and the anticipated results of, the Skyrun acquisition, the funds that will be available to Coronado upon completion of the Skyrun acquisition and the proposed development and expansion of Coronado’s business.
In making the forward-looking statements in this news release, Coronado has applied certain factors and assumptions that are based on information currently available to Coronado as well as Coronado’s current beliefs and assumptions made by Coronado, including that Coronado will be able to complete the Skyrun acquisition and that a strategic plan for the near and mid-term can be determined. Although Coronado considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, uncertainties in the development of Skyrun’s business, changes in the applicable regulatory regime, changes to the cryptocurrency market, and risks inherent in the development of a start-up plan business. Although Coronado has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Coronado does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Coronado Resources Ltd.