Cornerstone Successful in Defence Against SolGold’s Hostile Bid
October 15 2020 - 4:05PM
Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP)
(Frankfurt:GWN)
(Berlin:GWN) (OTC:CTNXF)
is pleased to announce that SolGold plc (“SolGold”) was
unsuccessful in its unsolicited offer to acquire all of the issued
and outstanding common shares of Cornerstone. Cornerstone
understands that the Hostile Bid expired at 5:00 p.m. (Eastern
Time) on October 14, 2020 without any Cornerstone common shares
being taken up.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral
exploration company with a diversified portfolio of projects in
Ecuador and Chile, including the Cascabel gold-enriched copper
porphyry joint venture in northwest Ecuador. Cornerstone has a
21.4% direct and indirect interest in Cascabel comprised of (i) a
direct 15% interest in the project financed through to completion
of a feasibility study and repayable at Libor plus 2% out of 90% of
its share of the earnings or dividends from an operation at
Cascabel, plus (ii) an indirect interest comprised of 7.6% of the
shares of joint venture partner and project operator SolGold Plc.
Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned
by SolGold and Cornerstone, holds 100% of the Cascabel concession.
Subject to the satisfaction of certain conditions, including
SolGold’s fully funding the project through to feasibility, SolGold
Plc will own 85% of the equity of ENSA and Cornerstone will own the
remaining 15% of ENSA.
Further information is available on
Cornerstone’s website: www.cornerstoneresources.com and on
Twitter. For investor, corporate or media inquiries, please contact
ir@cornerstoneresources.ca, or:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
(514) 904-1333
Due to anti-spam laws, many shareholders and
others who were previously signed up to receive email updates and
who are no longer receiving them may need to re-subscribe
at http://www.cornerstoneresources.com/s/InformationRequest.asp
Cautionary Notice:This news
release may contain ‘Forward-Looking Statements’ that involve risks
and uncertainties, such as statements of Cornerstone’s beliefs,
plans, objectives, strategies, intentions and expectations. The
words “potential”, “anticipate”, “forecast”, “believe”, “estimate”,
“intend”, “trends”, “indicate”, “expect”, “may”, “should”, “could”,
“project”, “plan”, or the negative or other variations of these
words and similar expressions are intended to be among the
statements that identify ‘Forward-Looking Statements’, although not
all forward-looking statements contain these words.
Examples of forward-looking statements in this news release
include, but are not limited to, Cornerstone’s understanding that
SolGold allowed the Hostile Bid to expire without any Cornerstone
common shares being taken up. Although Cornerstone believes that
its expectations reflected in these ‘Forward-Looking Statements’
are reasonable, such statements may involve unknown risks,
uncertainties and other factors disclosed in our regulatory
filings, viewed on the SEDAR website at www.sedar.com. For us,
uncertainties arise from the behaviour of financial and metals
markets, predicting natural geological phenomena and from numerous
other matters of national, regional, and global scale, including
those of an environmental, climatic, natural, political, economic,
business, competitive, or regulatory nature. These uncertainties
may cause our actual future results to be materially different than
those expressed in our Forward-Looking Statements. Although
Cornerstone believes the facts and information contained in this
news release to be as correct and current as possible, Cornerstone
does not warrant or make any representation as to the accuracy,
validity or completeness of any facts or information contained
herein and these statements should not be relied upon as
representing its views after the date of this news release. While
Cornerstone anticipates that subsequent events may cause its views
to change, it expressly disclaims any obligation to update the
Forward-Looking Statements contained herein except where outcomes
have varied materially from the original statements.
On Behalf of the Board, Brooke MacdonaldPresident and CEO
Neither 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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