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Re: News - Thursday, April 07, 2016
16-05 - Cornerstone Announces $4.5 Million Financing
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Ottawa, ON, Canada: Cornerstone Capital Resources Inc. ("Cornerstone"
or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that
the Board of Directors of the Company has given approval to a
non-brokered private placement of up to 90,000,000 units ("Units") at
$0.05 per Unit for total gross proceeds of $4.5 million (the
"Offering"). Each Unit will consist of one common share of the Company
and one non-transferable share purchase warrant (a "Warrant"). Each
Warrant will entitle the holder thereof to acquire one common share of
the Company at a price of $0.10 for a period of 5 years from the
closing date of the Offering.
All securities issued pursuant to this financing will be subject to a 4
month hold period from the closing date. This Offering will be subject
to all necessary regulatory approvals, including approval of the TSX
Venture Exchange, and is expected to close the week of May 2nd, 2016.
Affiliates of Sprott Inc. ("Sprott") will act as finders in the private
placement for up to 40,000,000 Units. Maxit Capital LP will also act as
finders in the private placement for up to 40,000,000 Units. Finders'
fees will consist of 7% cash or equivalent in Units at the finders'
election, payable on closing. The finders will also receive finders'
warrants equal to 7% of the aggregate number of Units purchased by
investors introduced by the finders, each finder warrant entitling a
finder to purchase one common share of the Company at a price of $0.05
for a period of 2 years from the closing date. The balance of the Units
will be subscribed by current shareholders of the Company, management
and directors.
Brooke Macdonald, President & CEO of Cornerstone said, "We are very
pleased to be working with Sprott and Maxit in completing this private
placement. It will provide us with funds to acquire and perform
generative initial exploration work on new prospective gold and copper
properties in Ecuador, the least explored country in the Andes, which
has recently opened up large areas of the country for mineral
exploration and where Cornerstone has a 15% interest financed through
to completion of a feasibility study in the exciting Cascabel gold
enriched copper porphyry project. We will also seek partners to advance
our two 100% owned drill ready Ecuadorean gold properties, Vetas
Grandes and Bella Maria, the also drill ready Ca�a Brava property where
we have an option to acquire a 100% interest with no further work
commitments, and the Miocene project in Chile where we are targeting
epithermal gold-silver and porphyry gold-copper deposits along the
interpreted northern extension of the Maricunga magmatic belt which
hosts several world-class gold deposits."
This news release does not constitute an offer to sell or a
solicitation of an offer to buy 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 (the "1933
Act") or any state securities laws and may not be offered or sold
within the United States or to U.S. Persons (as defined in the 1933
Act) unless registered under the 1933 Act and applicable state
securities laws, or an exemption from such registration is available.
About Cornerstone:
Cornerstone Capital Resources Inc. is a 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.
The company's business model is based on generating exploration
projects whose subsequent development is funded primarily through
partnerships.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com and on Twitter. For investor, corporate or
media inquiries, please contact:
Investor Relations:
Email: ir@cornerstoneresources.ca;
Tel. (613) 421-6923
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 subsequent to 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 or as
required by applicable law.
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy 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 (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons (as defined in the
U.S. Securities Act) unless registered under the U.S. Securities Act
and applicable state securities laws, or an exemption from such
registration is available.
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VanEck Vectors Global Alternative Energy ETF
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EN DÉVELOPPEMENT |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 185,0 millions (147,9 millions US$, 139,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 , et son plus haut niveau récent le 18 septembre 2020 à 6,53 . Cornerstone possède 47 442 200 actions en circulation. |