OTTAWA, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to announce that on January 17, 2018 the Alberta Court of Queen's Bench issued the final court order approving the previously announced plan of arrangement (the "Arrangement") of Cornerstone.
Pursuant to the Arrangement, Cornerstone will spin off all of its assets except for its interests in the Cascabel concession in Ecuador, shares of SolGold plc and the joint venture with Ecuadorian state mining company ENAMI EP into a new company called Cornerstone Exploration Inc. ("Cornerstone Exploration"). Cornerstone Exploration will own the drill ready Caña Brava, Bella Maria, Vetas Grandes and Bramaderos properties in Ecuador, the Tioloma property, the pending applications for new properties in Ecuador made by Cornerstone subsidiary La Plata Minerales S.A., and the Miocene property in Chile, in addition to Cornerstone's generative exploration databases for Ecuador and Chile. In addition, Cornerstone will be re-named Cascabel Gold & Copper Inc. ("Cascabel Gold & Copper").
The Arrangement remains subject to approval by the TSX Venture Exchange (the "TSXV") of the listing of the subordinate voting shares and multiple voting shares of each of Cascabel Gold & Copper and Cornerstone Exploration.
Cornerstone expects to complete the Arrangement in February 2018.
Full details of the Arrangement are set out in the management information circular of Cornerstone dated November 6, 2017 (the "Information Circular"). A copy of the Information Circular can be found on Cornerstone's profile on SEDAR at www.sedar.com.
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.
