SolGold and Cornerstone Merge
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SolGold and Cornerstone Capital Resources have entered into a definitive agreement where SolGold will acquire all of the issued and outstanding shares of Cornerstone, other than Cornerstone shares already held, directly or indirectly.
The merger of Cornerstone and SolGold will significantly strengthen the ability of the combined group to create value for shareholders by consolidating ownership of the Cascabel Project along with a robust portfolio of other projects primarily across Ecuador.
“It has been my view from the start that SolGold and Cornerstone are more valuable together than apart. This is an exciting value enhancing transaction for all stakeholders. This transaction also sets the stage for a strategic review of the combined group as we methodically assess options that are in the best interest of our shareholders,” said Darryl Cuzzubbo, CEO and managing director of SolGold.
“This merger transaction makes sense for both sets of shareholders. The merger allows our shareholders to maintain exposure to the world class Cascabel Project and is a step towards maximizing value. Having considered the landscape, we are convinced that combining forces with SolGold will unlock significant value for all shareholders. The strategic review for the combined group aligns with our views on the best path forward,” said Brooke Macdonald, president and CEO of Cornerstone.
Upon closing of the transaction, the SolGold board of directors will be comprised of up to ten individuals with Cornerstone entitled to nominate two directors.
The transaction has been unanimously approved by the boards of directors of SolGold and Cornerstone including, in the case of Cornerstone, following the unanimous recommendation of a special committee of independent directors. The Cornerstone board of directors unanimously recommends that Cornerstone shareholders vote in favor of the transaction.
About SolGold
SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt. SolGold operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.
To stop by SolGold’s website, CLICK HERE
About Cornerstone
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.
To stop by Cornerstone’s website, CLICK HERE
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