CORAL GOLD RESOURCES LTD. : http://www.coralgold.com/ : QwikReport

News Releases

#July 22, 2016
Coral Reports Voting Results of Annual General and Special Meeting

 

Coral Gold Resources Ltd. (“Coral” or the “Company”) is pleased to report the following voting results in accordance with Section 11.3 of NI 51-102 Continuous Disclosure Obligations.  This report briefly describes the matters voted upon and the outcome of the votes at the Annual General and Special Meeting of Shareholders of the Company held on July 22, 2016:

1. Setting the Number of Directors at Five

According to proxies received and a vote conducted by a show of hands, the resolution regarding the setting of the number of Directors at five was passed as follows:

  Votes For % For Votes Against % Against
  27,933,140 99.31 194,680 0.69

2. Election of Directors

According to proxies received and a vote conducted by a show of hands, the following directors were elected to the board of directors of the Company as follows:

Director Nominee Votes For % For Votes Withheld % Withheld
Ronald Andrews 23,275,901 99.84 37,531 0.16
Gary Robertson 23,279,652 99.86 33,780 0.14
Chris Sampson 23,256,606 99.76 56,826 0.24
David Wolfin 23,264,195 99.79 49,237 0.21
Andrew Kaplan 23,271,462 99.82 41,970 0.18

3. Appointment and Remuneration of Auditors

According to proxies received and a vote conducted by a show of hands, the resolution regarding the appointment of Manning Elliott LLP as the Company’s auditors and authorization of directors to fix their remuneration was passed as follows:

Votes For % For Votes Against % Against
  27,879,821 99.12 247,999 0.88

4. Approval of 10% Rolling Stock Option Plan

According to proxies received and votes conducted by a show of hands, the ordinary resolution of disinterested shareholders regarding the approval of the Rolling Stock Option Plan was passed by a majority of shareholders as follows.

Votes For % For Votes Against % Against
  16,741,564* 95.65 762,218 4.35

*Excluding 5,809,650 shares held by Insiders

5. Approval of the Sale of the Robertson Properties

According to proxies received and votes conducted by a show of hands, the special resolution regarding the approval of the sale of Robertson Properties was passed by a special majority of shareholders, as follows.

Votes For % For Votes Against % Against
  23,231,230 99.65% 82,202 0.35

The closing of the above transaction remains subject to the satisfaction of the outstanding closing conditions.

The Board of Directors appreciates the support of our shareholders.

About Coral

Coral Gold Resources has a portfolio of strategically-located claim blocks along the Cortez gold trend in north-central Nevada, including the flagship Robertson Property proposed for sale to Barrick Cortez Inc.

On Behalf of the Board

“David Wolfin”
________________________________
David Wolfin
President & Chief Executive Officer
Coral Gold Resources Ltd.

Neither the 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.



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#July 12, 2016
Proxy Advisory Firms Recommend that Shareholders of Coral Gold Vote for the Sale of the Robertson Property

 Coral Gold Resources Ltd. (CLH: TSX.V, the "Company" or "Coral"): is pleased to announce that two leading, independent third party proxy advisory firms that analyze and provide voting recommendations to institutional investors Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), have each recommended that shareholders approve the proposed purchase and sale agreement with Barrick Cortez Inc. ("Barrick"), a subsidiary of Barrick Gold Corp., for the sale of the Robertson Property in Lander County, Nevada, (the "Agreement").

Recommendation to Coral Shareholders

Leading independent proxy advisory firms, ISS and Glass Lewis, have recommended that shareholders of Coral vote FOR the Agreement. Specifically, ISS confirms that the transaction "makes strategic sense, as it enables the company to realize value for some of the assets. Due to the significant premium, positive market reaction, potential for long term participation in the development of the properties, improved balance sheet of the company ..., shareholder approval of this resolution is warranted."

Annual General and Special Meeting

The Annual General and Special Meeting of the shareholders of Coral Gold is scheduled to be held at 11AM (PDT) on Friday, July 22, 2016 at The Metropolitan Hotel, Vancouver Room, 645 Howe Street, Vancouver, BC, V6C 2Y9.

Shareholders are encouraged to review the management information circular of Coral dated June 21, 2016, which provides a detailed discussion of the Transaction. A copy of the Circular and related documents have been mailed to Coral shareholders and holders of Coral options. Copies of the Circular and related documents can be obtained via SEDAR (www.sedar.com), or by contacting Laurel Hill Advisory Group toll-free at 1-877-452-7184 or at 416-304-0211 or by email at assistance@laurelhill.com.

The Board Unanimously Recommends that Shareholders vote "FOR" the Agreement prior to the proxy voting deadline of Wednesday, July 20, 2016 at 11:00 a.m. (Vancouver time).

How to Vote

Voting Method Registered Shareholders
If your shares are held in your name and represented by a physical certificate
Beneficial Shareholders
If your shares are held with a broker, bank or other intermediary
Internet
www.investorvote.com
You will need your 15-digit control number located on your form of proxy.
You may also obtain your control number from Computershare at 1-800-564-6253.
www.proxyvote.com
You will need your 12-digit control number located on your voting instruction form.
You may also obtain your control number from your broker.
Facsimile
1-866-249-7775
416-263-9524 (outside North America)
Complete, date and sign the voting instruction form and fax it to the number listed therein.
Telephone
1-866-732-8683
You will need your 15-digit control number located on your form of proxy.
You may also obtain your control number from Computershare at 1-800-564-6253.
Call the toll-free telephone number listed on your voting instruction form and vote using the 12 digit control number provided therein.
You may also obtain your control number from your broker.
Mail
Complete, date and sign the proxy and return to,
Computershare Trust Company of Canada, Proxy Department, 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1
Complete, date and sign the voting instruction form and return it in the enclosed postage paid envelope.

Security holder Questions

If you have any questions about the information contained in the Circular or require assistance with voting your shares, please contact the Company's Proxy Solicitor, Laurel Hill Advisory Group, toll-free at 1-877-452-7184 or at 416-304-0211 or by email at assistance@laurelhill.com.

About Coral

Coral Gold Resources has a portfolio of strategically-located claim blocks along the Cortez gold trend in north-central Nevada, including the flagship Robertson Property.

ON BEHALF OF THE BOARD

"David Wolfin"

________________________________
David Wolfin
President & Chief Executive Officer
Coral Gold Resources Ltd.

Neither the 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced.


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#June 27, 2016
Coral Gold Seeks Shareholder Approval For The Sale Of The Robertson Property

 

Coral Gold Resources Ltd.  (CLH: TSX.V, the “Company” or “Coral”):   The Company announces that the Notice and Information Circular and related proxy materials of its annual and special shareholders' meeting have been mailed to shareholders to provide them with information on the sale of the Robertson Property.

On June 20, 2016, Coral entered into a purchase and sale agreement with Barrick Cortez Inc. (“Barrick”), a subsidiary of Barrick Gold Corp., for the sale of the Robertson Property in Lander County, Nevada. Highlights of the transaction (the "Transaction") include:

  • A cash payment of US$15.75 million on closing (the “Immediate Cash Consideration”);
  • The return of 4,150,000 shares of Coral held by Barrick, which will be cancelled (the “Share Reduction”);
  • A sliding scale of 1% to 2.25% net smelter returns royalty on the Robertson Property (the “NSR”);
  • In the event the Robertson Property is not placed into production by December 31, 2023, then beginning on January 1, 2024 and continuing on an annual basis thereafter until the earlier of (i) the commencement of commercial production and (ii) January 2, 2033, Barrick will make advance royalty payments of US$500,000, which will be non-refundable and fully credited against any future obligations of the NSR.

For complete details please refer to Coral’s news release dated June 21, 2016

Annual General and Special Meeting

The Annual General and Special Meeting of the shareholders of Coral Gold is scheduled to be held at 11AM (PDT) on Friday, July 22, 2016 at The Metropolitan Hotel, Vancouver Room, 645 Howe Street, Vancouver, BC, V6C 2Y9.

Reasons and Benefits of the Transaction

  • Substantial immediate value creation for Coral shareholders.  Based on Coral’s basic shares outstanding as of June 20, 2016 adjusted for the Share Reduction, the Immediate Cash Consideration alone, excluding the value of the NSR, on a per share basis is equal to approximately Cdn $0.46, as compared to the closing price of Coral's common shares on June 20, 2016 on the TSX Venture Exchange of Cdn $0.195. 
  • The potential for long term value for Coral shareholders through the NSR.  With this continued commercial relationship with Barrick through the NSR, Coral shareholders will have the opportunity to participate and benefit from expected future gold production at Robertson, additional resource growth potential at the Robertson Property, and will also have economic returns that will substantially improve if gold prices increase over the Robertson Property's mine life.
  • Strong financial position at closing.  Upon closing of this Transaction, Coral will have a very strong balance sheet as compared to its very limited financial resources currently, which exposed its shareholders to significant dilution if the Robertson Property was to be advanced in any meaningful way.
  • Reduction in the number of Coral common shares outstanding as opposed to near-term dilution risk for Coral shareholders.  The Share Reduction represents the cancellation of approximately 8.7% of Coral’s basic common shares outstanding as of June 20, 2016 compared to near-term dilution risk for Coral shareholders, if Coral advanced the Robertson Property on its own in any meaningful way.

The Board Unanimously Recommends that Shareholders vote “FOR” the Agreement prior to the proxy voting deadline of Wednesday, July 20, 2016 at 11:00 a.m. (Vancouver time).

The completion of the proposed Transaction is subject to a number of customary conditions, including the receipt of shareholder approval.

Shareholders are encouraged to review the management information circular of Coral dated June 21, 2016, which provides a detailed discussion of the Transaction.  A copy of the Circular and related documents have been mailed to Coral shareholders and holders of Coral options. Copies of the Circular and related documents can be obtained via SEDAR (www.sedar.com), or by contacting Laurel Hill Advisory Group toll-free at 1-877-452-7184 or at 416-304-0211 or by email at .

How to Vote

Voting Method   Registered Shareholders
If your shares are held in your name and represented by a physical certificate
  Beneficial Shareholders
If your shares are held with a broker, bank or other intermediary
Internet www.investorvote.com
You will need your 15-digit control number located on your form of proxy.
You may also obtain your control number from Computershare at 1-800-564-6253.
www.proxyvote.com
You will need your 12-digit control number located on your voting instruction form.
You may also obtain your control number from your broker.
Facsimile 1-866-249-7775
416-263-9524 (outside North America)
Complete, date and sign the voting instruction form and fax it to the number listed therein.
Telephone 1-866-732-8683
You will need your 15-digit control number located on your form of proxy.
You may also obtain your control number from Computershare at 1-800-564-6253.
Call the toll-free telephone number listed on your voting instruction form and vote using the 12 digit control number provided therein.
You may also obtain your control number from your broker.
Mail Complete, date and sign the proxy and return to,
Computershare Trust Company of Canada, Proxy Department, 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1
Complete, date and sign the voting instruction form and return it in the enclosed postage paid envelope.

Security holder Questions

If you have any questions about the information contained in the Circular or require assistance with voting your shares, please contact the Company’s Proxy Solicitor, Laurel Hill Advisory Group, toll-free at 1-877-452-7184 or at 416-304-0211 or by email at .

About Coral

Coral Gold Resources has a portfolio of strategically-located claim blocks along the Cortez gold trend in north-central Nevada, including the flagship Robertson Property. 

On Behalf of the Board

“David Wolfin”
________________________________
David Wolfin
President & Chief Executive Officer
Coral Gold Resources Ltd.

Neither the 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators.  Such information contained herein represents management’s best judgment as of the date hereof based on information currently available.  The Company does not assume the obligation to update any forward-looking statement.

 
#June 21, 2016
Coral Announces Sale of Robertson Property, Nevada

 Coral Gold Resources Ltd. (CLH: TSX.V, the "Company" or "Coral"): The Company announces that it has entered into a purchase and sale agreement (the "Agreement") with Barrick Cortez Inc. ("Barrick"), a subsidiary of Barrick Gold Corp., for the sale of the Robertson Property in Lander County, Nevada, to Barrick in consideration of:
  1. The payment to Coral of US$15.75 million (Cdn $20.17 million based on the current exchange rate) in cash (the "Cash Consideration") on closing;
  2. The return of 4,150,000 common shares of Coral held by Barrick (which represent approximately 8.7% of the Company's basic common shares outstanding as of June 20, 2016) for cancellation by the Company (the "Share Reduction"); and
  3. A sliding scale 1% to 2.25% net smelter returns royalty (the "NSR") on the Robertson Property, payable quarterly, subject to potential advance royalty payments as outlined below, as well as a right of first refusal enabling Barrick to acquire the NSR in the event that the Company wishes to sell the NSR to any third party (the "Transaction").
The sliding scale NSR rate will be determined based on the observed gold price during each quarterly period based on the average LBMA Gold Price PM during the quarterly period, as follows:

Average Gold Price/Oz
During the Quarter (USD)
Applicable NSR Royalty Rate
Up to and including $1,200.00
$1,200.01 to $1,400.00
$1,400.01 to $1,600.00
$1,600.01 to $1,800.00
$1,800.01 to $2,000.00
Over $2,000.00
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%


Pursuant to the Agreement, in the event that the Robertson Property is not placed into production by December 31, 2023, then beginning on January 1, 2024, and continuing on an annual basis thereafter until the earlier of (i) the date commercial production commences and (ii) January 2, 2033, Barrick will make advance royalty payments to Coral Gold of US$0.5M, which will be non-refundable and fully credited against any future obligations under the NSR.

Barrick will also assume all liabilities relating to the Robertson Property, and will provide replacement security for the reclamation bond.

The Cash Consideration alone, excluding the value of the NSR, exceeds Coral's basic market capitalization based on the closing share price as of June 20, 2016 on the TSX Venture Exchange by approximately 116%. Based on the Company's current number of basic common shares outstanding, adjusted for the Share Reduction, the Cash Consideration alone, excluding the value of the NSR, on a per share basis is equal to approximately Cdn $0.46, as compared to the closing price of Coral's common shares on June 20, 2016 on the TSX Venture Exchange of Cdn $0.195.

Completion of the Transaction is subject to customary closing conditions, including TSX Venture Exchange acceptance and the approval of the shareholders of the Company by special resolution. The board of directors of Coral (the "Board") has considered all relevant factors and unanimously determined that the Transaction is in the best interests of the Company and its shareholders. The Board unanimously recommends that its shareholders vote in favour of the Transaction. Each of the directors and officers of Coral, holding in aggregate 12.6% of the issued and outstanding common shares of Coral, has entered into an agreement supporting the Transaction, pursuant to which they will vote any common shares of Coral held by them in favour of the Transaction. In addition, Barrick intends to vote its 4,150,000 common shares of Coral representing approximately 8.7% of Coral's issued and outstanding shares, in favour of the Transaction. The Company has scheduled a general meeting of shareholders to be held on July 22, 2016 to consider the approval of the Transaction.

The Robertson Property

The Robertson Property to be purchased by Barrick includes the properties also known as the Core, Gold Ridge, Excluded and the RUF mining claims, but does not include the properties known as the Norma, Sass, Eagle and JDN mining claims, which will remain the property of Coral. The Robertson Property is located in eastern Lander County, Nevada, sixty miles southwest of Elko. The property spans approximately 8,480 acres, comprised of 415 claims and 9 patented claims. Consolidation of the ownership of the Robertson Property will allow the project to benefit from Barrick's Cortez operation.

Coral's Chief Executive Officer Mr. David Wolfin commented, "On behalf of Coral's Board of Directors and management team, I am very pleased to announce this exciting transaction which creates immediate substantial value for Coral shareholders through the Cash Consideration and Share Reduction, in addition to the potential for long term value for shareholders through the NSR. Barrick, with its existing mines and infrastructure in the area and proven operational expertise, was always the ideal party to put Robertson into production. With this continued commercial relationship with Barrick through the NSR, Coral shareholders will have the opportunity to participate and benefit from expected future gold production at Robertson, additional resource growth potential at Robertson and will also have economic returns that will substantially improve if gold prices increase over Robertson's mine life. Upon closing of this Transaction, Coral will have a very strong balance sheet as compared to its very limited financial resources currently, which exposed its shareholders to significant dilution if Robertson was to be advanced in any meaningful way. In fact, as opposed to future potential dilution, and as a result of this Transaction, Coral's basic shares outstanding will be reduced by 8.7%, preserving the value created for the benefit of the remaining Coral shareholders."

About Coral

Coral Gold Resources has a portfolio of strategically-located claim blocks along the Cortez gold trend in north-central Nevada, including the flagship Robertson Property.

ON BEHALF OF THE BOARD

"David Wolfin"

________________________________
David Wolfin
President & Chief Executive Officer
Coral Gold Resources Ltd.

Neither the 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced.
 
#January 22, 2016
Coral Announces Acquisition of 100% Interest in Norma, Sass, Ruf, and Eagle Mining Claims

 Coral Gold Resources Ltd. (CLH: TSX.V, the "Company" or "Coral"): The Company announces that it has acquired complete ownership of the Norma, Sass, Ruf, and Eagle unpatented mining claims in Lander County, Nevada. The properties were the subject of a historical joint venture involving the Company and Levon Resources Inc. In consideration for the transfer of Levon's interest in the properties, the Company has cancelled US$53,258 in exploration expenditures which remained owing to the Company from the former joint venture. The transaction is a non-arm's length transaction, as Levon and Coral have one director in common, who abstained from voting on the matter.

About Coral

Coral Gold Resources has a portfolio of strategically-located claim blocks along the Cortez gold trend in north-central Nevada, including its flagship Robertson Property. Since 1986, Coral Gold has assembled an extensive database comprised of 533,453 feet of drilling, through 1,160 drill holes and 101,757 gold assays which has formed the basis of an inferred gold resource of 2.7 million ounces.

Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource, and it is uncertain if further exploration will result in upgrading them to the Indicated or Measured mineral resource category.

ON BEHALF OF THE BOARD

"David Wolfin"
________________________________
David Wolfin
President & Chief Executive Officer
Coral Gold Resources Ltd.

Neither the 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
 

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