OTTAWA, Ontario, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to announce that it has filed a management information circular calling the special meeting of securityholders of Cornerstone to seek approval of the plan of arrangement providing for, among other things, the previously announced spin-off of Cornerstone Exploration Inc. Details regarding the arrangement were announced on July 13, 2017 and August 24, 2017 and are more fully described in the circular.
The circular and related proxy materials are being mailed to Cornerstone securityholders and are also available on SEDAR under the issuer profile of Cornerstone at www.sedar.com. The special meeting is scheduled to be held at 10:00 a.m. (Toronto time) on Thursday, December 14, 2017 at 155 Wellington Street West, 40th floor, Toronto, Ontario.
The board of directors of Cornerstone unanimously recommends that Cornerstone securityholders vote FOR the arrangement. In order for the arrangement to proceed, it must be approved by at least 66-2/3% of the votes cast on the arrangement by the securityholders of Cornerstone present in person or represented by proxy at the special meeting. Cornerstone securityholders are encouraged to read the circular and related proxy materials for details regarding how they can vote in respect of the arrangement.
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 north west Ecuador. 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’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. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
