According to Goldbelt, Corona is making the investment to take advantage of the years of mining experience of Muzylowski and McRae. Both are former directors of Granges Inc.
Corona’s acquisition of a 19.65% interest in Goldbelt will be made through a private placement of 2.7 million shares at 45 cents each. Goldbelt noted that the proceeds would be used to acquire and develop mining properties in North America. The company currently has cash and marketable securities of about $7 million.
Although Corona has no representation on Goldbelt’s board at this time, it was granted the right of first refusal on a fair market basis to participate in the development of any of the company’s properties. It was also granted the right to maintain its percentage in Goldbelt.
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