Vancouver, B.C. – June 19, 2018 – Coronado Resources Ltd. (NEX: CRD.H and OTC: CRDAF) is pleased to report a financial summary for the year ended February 28, 2018. Coronado’s prime objective, from a financial perspective, has been to keep sustaining costs to a minimum and preserve working capital, allowing the Company to have maximum flexibility and a solid capital market platform to pursue new opportunities.
The overall financial performance for the year ended February 28, 2018, reflected a net loss of $90,679 compared to loss of $5,442,967 in the previous year. The previous year’s loss from past operations mainly included the loss on the sale of the mineral property and equipment amounting to $5,105,607.
As at February 28, 2018, Coronado’s working capital was $1,572,606 with no material liabilities and a loss carry-forward of $6,628,042, which can potentially be used to offset tax on future revenue.
On October 20, 2017, Coronado consolidated its outstanding share capital on the basis of two pre-consolidation common shares for one post consolidation common share.
On January 18, 2018, the Company issued 400,000 units (“Units”), at a price of $0.375 per Unit, for proceeds of $150,000 in a non-brokered private placement. Each Unit consists of one common share and one common share purchase warrant to purchase an additional common share of the Company at a price of $0.50 per common share for a period of one year from the date of closing.
Moving forward, Coronado continues to evaluate business opportunities and an organic growth strategy in the technology sector. In this regard, the Company has engaged in discussions with technology and capital market advisors, however there is no assurance that these discussions will result in a new business opportunity materializing.
As at today’s date, Coronado has 3,231,411 common shares issued and outstanding (3,631,411 fully diluted).
Coronado Resources Ltd.
Coronado is a Vancouver-based company pursuing attractive business and investment opportunities in the technology sector. The Company trades on the NEX Board of the TSX Venture Exchange under the trading symbol: CRD.H. Coronado also trades on the OTC Pink market network in the United States, trading symbol: CRDAF. There are currently 3,231,411sharesissued and outstanding, which are widely distributed.
For further information:
Ashley Garnot, Director
Email: [email protected]
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.
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 the potential businessopportunities are based on management’s assumptions using information currently available and include Coronado’s expectations regarding the potential business opportunities. 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. 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. 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.