Cornerstone Cap enters lock-up deal with SolGold holder
CORNERSTONE CAPITAL Resources Inc. has entered into a lock-up agreement with a SolGold PLC shareholder that owns 6.8 per cent of the outstanding ordinary shares of SolGold.
The lock-up commits both Cornerstone and the lock-up holder to not sell their respective shares of SolGold and, in the case of Cornerstone, not to sell Cornerstone, without the consent of the other, unless the applicable purchaser offers to purchase the SolGold shares held by the other or Cornerstone, as applicable. The 6.8-per-cent interest in SolGold owned by the lock-up holder, combined with the 11.23-per-cent interest held by Cornerstone, represents a strategic 18.03 per cent stake in SolGold and, together with the 15-per-cent carried interest in Cascabel held by Cornerstone, represents an approximate 30-per-cent economic interest in the Cascabel concession.
The lock-up will continue until at least Aug. 28, 2017, and may be extended or terminated with the mutual consent of Cornerstone and the lock-up holder.
Exploraciones Novomining SA (ENSA), an Ecuadorean company owned by SolGold and Cornerstone, holds 100 per cent of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold fully financing the project through to feasibility, SolGold will own 85 per cent of the equity of ENSA, and Cornerstone will own the remaining 15 per cent of ENSA. SolGold is financing 100 per cent of the exploration at Cascabel and is the operator of the project.
About Cornerstone Capital Resources Inc.
Cornerstone Capital Resources is a well-financed 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.
We seek Safe Harbor.
William John Clarke, Beverley A Evans, David R Loveys, Hugh Brooke Macdonald, Colin Burgess McKenzie
(CGP) Shares: 300,148,133