Source: BNamericas
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Shareholders of Cornerstone Capital Resources (CGP) have approved the plan of arrangement with SolGold (SOLG)
  • Under the plan of arrangement, SolGold will acquire all of the issued and outstanding common shares of Cornerstone
  • Cornerstone will seek a final order of the Court of King’s Bench of Alberta to approve the arrangement at a hearing scheduled to be held on January 10, 2023
  • Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile
  • Cornerstone Capital Resources Inc. was up 1.918 per cent, trading at C$4.25 at 1:20 PM ET

Shareholders of Cornerstone Capital Resources (CGP) have approved the plan of arrangement with SolGold (SOLG).

At a special shareholder meeting held today, holders of common shares of Cornerstone voted overwhelmingly in favour of the special resolution approving the previously-announced plan of arrangement.

Under the plan of arrangement, SolGold will acquire all of the issued and outstanding common shares of Cornerstone, other than the Cornerstone shares already held, directly or indirectly, by SolGold.

The arrangement resolution was approved by 99.98 per cent of the votes cast by Cornerstone shareholders present at the virtual meeting or represented by proxy and entitled to vote at the meeting.

“We thank our shareholders for the near-unanimous support of the merger with SolGold. We are very excited about the future prospects of SolGold under the strong leadership of Scott Caldwell,” jointly said Greg Chamandy, Chairman of Cornerstone, and Brooke Macdonald, President and Chief Executive Officer of Cornerstone.

“We look forward to being SolGold shareholders as the strategic review will now be the number one priority to ensure all shareholders are appropriately rewarded for supporting the extraordinary discovery at Cascabel,” they added.

Cornerstone will seek a final order from the Court of King’s Bench of Alberta to approve the arrangement at a hearing scheduled to be held on January 10, 2023.

Subject to obtaining all required approvals and the satisfaction or waiver of all required conditions to closing, the arrangement is expected to close in late January 2023.

Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including a direct and indirect interest in the Cascabel gold-enriched copper porphyry in northwest Ecuador.

Cornerstone Capital Resources Inc. was up 1.918 per cent, trading at C$4.25 at 1:20 PM ET.


More From The Market Herald

" Osisko Mining (TSX:OSK) announces $75 million private placement

Osisko Mining (OSK) will undertake a C$75 million bought-deal private placement.

" @ the Bell: Markets tumble amid rate worries

Canada’s main stock index was weighed down on Monday by commodity-linked and financial stocks. The telecom and utilities sectors posted some gains.
Dolly Varden Silver Corporation - President & CEO, Shawn Khunkhun.

" Dolly Varden Silver (TSXV:DV) reports highest-grade silver assay found so far on the Kitsault Valley Property

Dolly Varden Silver Corporation (DV) discovered the highest-grade silver assay found so far on the Kitsault Valley Property.

" Millennial Potash (TSXV:MLP) announces $2M private placement of units

Millennial Potash Corp. (MLP) has announced a private placement for gross proceeds of $2 million.