Corona gets $5 million for future exploration

An agreement with CMP 1990 will provide Corona (TSE) with $5 million for exploration financing. Under the terms of the agreement, Corona will receive $3.5 million from CMP in return for up to 375,110 Class A shares. The remaining $1.5 million will be a grant issued under the Canadian Exploration Incentive Program (CEIP).

Corona is under no obligation to earmark the money for specific projects, said a spokesman for the company. The cash will be put into general fund, and then reallocated to some of Corona’s higher priority exploration targets, he said.