Cornerstone Capital Resources Inc. (TSX-V-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces completion of the non-brokered private placement announced on March 14, 2014.
The financing consisted of the issuance of 26,666,667 units at $0.15 per unit for total gross proceeds of $4 million. Each Unit consists of one common share of the Company and one transferable share purchase warrant . Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.35 for a period of 5 years.
Affiliates of Sprott Inc. acted as finders in the private placement. Finders’ fees paid on closing consisted of 7% cash and finders’ warrants equal to 7% of the aggregate number of Units placed by the finders. The finders’ warrants entitle the holder to purchase one common share of the Company at a price of $0.20 for a period of 5 years.
A total of 333,333 units were purchased by the CEO of the Company.
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 August 8, 2014. 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.
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 and Chile, 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. Commitments from JV partners constitute significant validation of the strength of Cornerstone’s projects.
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