Cor­ner­stone Cap en­ters lock-up deal with SolGold holder

Stockwatch Daily - - MINES & METALS - Mr. Brooke Mac­don­ald re­ports

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

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