Coronado Completes Skyrun Technology Corp. Acquisition and TSX Venture Exchange Listing

VANCOUVER, May 28, 2019 /PRNewswire/ - Coronado Resources Ltd. announced today that the TSX Venture Exchange ("TSX-V") has approved Coronado's change of business as well as the acquisition of Vancouver-based Skyrun Technology Corp. and the intellectual property relating to the virtual currency platform, coincurve.com.

Corporate Name Change

To reflect the transformation into the technology sector, Coronado has changed its name to Interlapse Technologies Corp. The board of directors of the Company are now John Vaccaro, David Loretto, Wayne Chen, Ashley Garnot and Giuseppe (Pino) Perone.

TSX Venture Exchange Listing

The shares of Interlapse Technologies Corp. are expected to begin trading on the TSX-V on May 30, 2019. Trading Symbol: INLA.

Non-Brokered Private Placement

Coronado has completed a non-brokered private placement of 2,210,000 common shares at $0.50 per share for gross proceeds of $1,105,000. The common shares issued under this private placement are subject to resale restrictions for a period of four months from the closing date. The proceeds of this funding will be used to further advance the development of coincurve.com and planned international expansion.

Capital Structure

After completion of the aforementioned private placement, the Company will have 8,672,822 shares issued and outstanding.

Executive Team

Interlapse welcomes incoming executives Wayne Chen, Chief Executive Officer, and Rod Hsu, Chief Operating Officer. They are the founders of Skyrun Technology Corp. and have extensive experience in operating technology, specialized payments and virtual currency platforms. The executive team of the Company is as follows:

• Wayne Chen - Chief Executive Officer
• Rod Hsu - Chief Operating Officer
• Giuseppe (Pino) Perone - President
• Barry MacNeil - Chief Financial Officer
• Ashley Garnot - Corporate Development
• Stephanie Yoneda - Controller

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. The transaction and the name change are subject to the final approval of the TSX-V. The TSX-V is in the process of reviewing the final materials submitted by the Company. 

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 the Company. 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 anticipated financial performance are based on management's assumptions using information currently available. Forward-looking statements in this news release include the Company's expectations regarding adoption and performance of the Company's technology, the potential for growth in the crypto-currency industry, and the future performance of the Company. 

In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including the Company's strategic plan for the near and mid-term. Although the Company 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. Such risk factors include, among others, market conditions, changes in the applicable regulatory regime, changes to the cryptocurrency market, and risks inherent in the development of a start-up plan business. Although the Company 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Coronado Resources Ltd.

Related Links

www.coronadoresourcesltd.com