News
WOW it didn't take CGP long to raise 2.5 mill.
Based on the last Shareholder update from Brooke it will be interesting to see what happens with the scoping review on Little Deer and the next round of drilling on Shyri!
Cornerstone Private Placement Completed
9/29/2011 5:15 PM - Market Wire
MOUNT PEARL, NEWFOUNDLAND, Sep 29, 2011 (Marketwire via COMTEX News Network) --
Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces completion of the non-brokered private placement announced on September 14. The Company is pleased to announce that the offering was fully subscribed for total proceeds of $2.5 million.
The financing consisted of the issuance of 12,500,000 units. Each unit was priced at $0.20 per unit and consisted of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of five years at a purchase price of $0.30. If, after January 29, 2012, the volume weighted average price of Cornerstone's shares on the TSX Venture Exchange for any consecutive 20 days of trading is equal to or greater than $0.40, Cornerstone may, at its discretion within the following five trading days, provide notice of an earlier expiry date of the warrants, in which case the warrants will expire 30 trading days after giving such notice.
Finders' fees of 7.5% in Units and 7.5% Finder Warrants were issued to eligible finders. Each Finder Warrant entitles the finder to purchase one share for $0.30 during a period of five years and is subject to the same acceleration provisions as the unit warrants.
This private placement is subject to final regulatory approval and all shares issued and any shares issued on exercise of the warrants are subject to restrictions on transfer until January 30, 2012. The proceeds from the private placement will be used to further advance Cornerstone's exploration programs and continued working capital requirements.
Cornerstone wishes to express its appreciation to all shareholders for their continued support and confidence.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Ecuador, Chile, and Atlantic Canada, and a strong technical team that has proven its 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 joint venture partnerships. The company is well funded and commitments from JV partners constitute significant validation of the strength of Cornerstone's projects. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
