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Coro to initiate asset review, secures US$5M credit facility

Coro Mining Corp. said Feb. 27 that it plans to undertake a strategic review of assets and assess various funding options available to maximize shareholder value.

President and CEO Luis Tondo said the board has committed to a strategic review following the positive results of step out drilling at the company's Marimaca copper project in Chile, progress on property consolidation around the project and shareholder feedback.

Additionally, the company secured a US$5 million credit facility from its major shareholder Greenstone Resources LP.

The loan has an 11-month term and bears interest at 12% per annum until June 30, after which the interest will increase to 15%.

The funds will be used for general working capital at Coro and at its 65%-owned SCM Berta company.