This one is at a silly price but no more for me.Coronet Metals...

This one is at a silly price but no more for me.

Coronet Metals Inc. (CRF.V) is up 3 cents today at 24 cents a share with the gold prospecting company saying it has renegotiated the purchase price to acquire the Yanamina gold project in Peru from Latin Gold Ltd, reducing its cash outlay to $3.25 million and the overall cost of the deal to $12.75 million.

The companies in June a $14 million acquisition, with Coronet paying US$1.75 million in cash and issuing 3.3 million shares of its stock to Latin. Another $3.75 million in cash was held by Coronet subject to Latin receiving a favorable ruling from Peruvian tax authorities for the transaction. That ruling was received in August but the companies agreed to re-negotiate the final payments because of certain teriary issues, with Coronet keeping all but $1.5 million of the remaining cash.

Coronet will retain US$2.25 million of the US$3.75 million it has held since the that has been held by Coronet at closing. US$1.5 million will be released to Latin after they place their Coronet shares in escrow. (See below). Also, as part of the amendment, Coronet will issue Latin US$1 million worth of Coronet shares after the first gold pour at Yanamina. This amendment effectively reduces the original US$14 million purchase consideration to US$12.75 million.

http://community.nasdaq.com/News/2011-11/coronet-metals-reduces-yanamina-purchase-by-125m-will-now-pay-1275-in-cash-stock.aspx?storyid=101331