Cornerstone Metals Signs Definitive Agreement on Carlin Vanadium Project Acquisition; Announces C$770,000 Private Placement
TSX VENTURE: FVAN
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2017) - Cornerstone Metals Inc. (TSXV: CCC) ("Cornerstone" or the "Company") is pleased to announce that further to its August 11, 2017 and September 5, 2017 news releases, it has now executed a binding Assignment of Property Option Agreement with Americas Gold Exploration Inc. (AGEI), a private Nevada corporation, pursuant to which it will acquire a 100% interest in its underlying option agreement on the Carlin Vanadium Project, Nevada. Closing will occur upon receipt of TSX Venture Exchange (TSXV) acceptance of the agreement.
The Company also announces a non-brokered private placement of up to 5,500,000 units at a price of $0.14/unit for gross proceeds of up to $770,000. Each unit will be comprised of one share and one warrant. Each warrant will be exercisable into a share for a period of three years at a price of $0.24/share. The proceeds of the private placement will be used to carry out exploration programs on the Company's West Jerome property and its proposed new Carlin Vanadium Project and for general working capital. The Company may pay a finder's fee of cash, common shares or warrants, or a combination thereof, to eligible persons in compliance with applicable securities laws and exchange policies. This financing is subject to TSXV approval.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 as amended (1933 Act), or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Cornerstone Metals Inc.
Cornerstone's objective is to advance exploration/development stage copper, precious and strategic minerals properties to production in the Americas. The Company's Management and Board Core Competence is in exploration, permitting, development, construction, and operation of mining projects. Cornerstone owns 100% (subject to 1.5% NSR) of the West Jerome property, near Jerome, Arizona, on the west side of Freeport McMoRan patented lands. The property, in a Volcanogenic Massive Sulfide camp, is a high-grade, massive sulfide target located 2.4 km south of the past-producing United Verde (32 million tons grading 4.4% copper, 1.5 oz/t silver and 0.04 oz/t gold). The West Jerome property has attractive untested drill targets.
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.