Cornerstone Announces Proceeds of Exercise of Warrants
May 12 2021 - 5:43PM
Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN)
(OTC:CTNXF) announces that since April 30, 2021, holders
of warrants to purchase common shares of the Company at an exercise
price of $2.00 per warrant (the “Warrants”) have exercised an
aggregate 2,400,000 Warrants, resulting in aggregate proceeds to
the Company of C$4,800,000 and the issuance of 2,400,000 common
shares. The Warrants were issued in connection with a May 2016
financing of the Company and expire on May 12, 2021. The Company
expects 166,576 Warrants will expire unexercised.
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
20.8% 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 6.86% 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.
Investor Inquiries
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
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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”,
“will”, “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, the Company’s expectation that 166,576 Warrants
will expire unexercised. 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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