CORONADO RESOURCES LTD. (“CRD”) sells certain New Zealand assets through its subsidiary Opunake Hydro Ltd. The cash consideration is $2 million NZD.
Coronado Resources is a company which dates back a couple or more decades on the TSX.V. It was formerly operated by Gene Larabie and focused primarily on the mineral exploration and some small production in the northwestern USA. We purchased a key Raglan Ni-Cu-PGE project from Gene Larabie back in the early 2000’s and found him a very honest and hard-working operator. Coronado looks to have $1.7 million cash at last August 31, 2015; which is some $700,000 less than its cash balance on its May 31, 2015 financials. Since there have been no financials since August one could guestimate that Coronado cash position is currently being depleted. Coronado is one of those TSX.V listed companies that is a little too comfortable with rollbacks. Historically the company has rolled its shareholders back 5:1 followed by a 2:1, then a 7:1 and just last December 2015 another 2:1. All small numbers when looked at individually. But for a long-term shareholder that works out to 140:1 in rollbacks (5x2x7x2=140:1). The chart resembles a ski slope since the 2007 crash. Allowing for rollbacks the price has ranged from a high of $13.93 to a low of $0.065. The company trades by appointment (e.g. seldom) and has a gapping market book of Bids and Asks; so be cautious and do not chase the Asks. There are only 5.6 million shares outstanding at present. No move until your broker approves. Since Coronado was recently rolled back the stock may be one to keep an eye on for a flip should it comes out with some substantial news.