OTTAWA, July 14, 2017 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces it has entered into a lock up agreement (the “Lock Up”) with a SolGold plc (“SolGold”) shareholder that owns 6.80% of the outstanding ordinary shares of SolGold (the “Lock Up Holder”).
The Lock Up commits both Cornerstone and the Lock Up Holder to not sell their respective shares of SolGold and, in the case of Cornerstone, not to sell Cornerstone, without the consent of the other, unless the applicable purchaser offers to purchase the SolGold shares held by the other or Cornerstone, as applicable. The 6.80% interest in SolGold owned by the Lock Up Holder, combined with the 11.23%1 interest held by Cornerstone, represents a strategic 18.03% stake in SolGold, and together with the 15% carried interest in Cascabel held by Cornerstone, represents an approximate 30% economic interest in the Cascabel concession.
The Lock Up will continue until at least August 28, 2017 and may be extended or terminated with the mutual consent of Cornerstone and the Lock Up Holder.
Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean company owned by SolGold plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold 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. SolGold plc is funding 100% of the exploration at Cascabel and is the operator of the project.
About Cornerstone:
Cornerstone Capital Resources Inc. is a well-funded mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, and a proven ability to identify, acquire and advance properties of merit.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
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 plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “expect,” “may,” “project,” “plan,” and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements.’ 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 Macdonald
President 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.
1 As per the July 12, 2017 press release, upon closing of the balance of the shares to be acquired from Dmyant Sangha following the clearance of his Personal Information Form by the TSX Venture Exchange.