The Prospector News

Cornerstone Metals Closes $3,000,000 Non-Brokered Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Cornerstone Metals Closes $3,000,000 Non-Brokered Private Placement

 

 

 

 

 

Cornerstone Metals Inc. (TSXV: CCC) (OTCQB: CCCCF) (FSE: 1PY) is pleased to announce that it has closed its non-brokered private placement previously announced March 1, 2018 and subsequently amended on March 2, 2018 to increase the number of units offered. The Company has issued an aggregate of 10,000,000 units at a price of $0.30/unit for gross proceeds of $3,000,000. Securities issued pursuant to the private placement will be subject to a four month hold period until July 28, 2018.

 

 

Insiders of the Company purchased a total of 394,700 units under the private placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the private placement.

 

In connection with the private placement, the Company paid cash finder’s fees totaling $53,184.60.

 

 

About Cornerstone Metals Inc.

 

 

Cornerstone’s objective is to advance exploration/development stage copper, precious and strategic minerals properties to production in the Americas. The Company’s Management and Board Core Competence is in exploration, permitting, development, construction, and operation of mining projects.

 

 

The Company has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County 22km by road (14 miles) from the town of Carlin, Nevada, and is comprised of 72 contiguous unpatented mineral claims totaling 461 hectares (1,140 acres). The Carlin Vanadium Project hosts the Carlin Vanadium Deposit which is approximately 55m (180 feet) thick striking north-south over 1,860m (6,100ft) in length and dipping 5°-30° west averaging 760m (2,500ft) of down dip extent from surface. The deposit is locally exposed on surface, where it cuts topography, but mostly is found at shallow depths, commonly between 15-60m (50-200 ft) below surface.

 

 

Cornerstone also owns 100% (subject to 1.5% NSR) of the West Jerome property, near Jerome, Arizona, on the west side of Freeport McMoRan patented lands. The property, in a Volcanogenic Massive Sulfide camp, is a high-grade, massive sulfide target located 2.4 km south of the past-producing United Verde (32 million tons grading 4.4% copper, 1.5 oz/t silver and 0.04 oz/t gold). The West Jerome property has attractive untested drill targets.

 

 

Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.

 

Posted March 27, 2018

Share this news article

MORE or "UNCATEGORIZED"


MAS Gold Announces Closing on the First Tranche of its Private Placement Financing

MAS Gold Corp. (TSX-V: MAS) is pleased to announce the closing of... READ MORE

May 20, 2022

Golden Arrow Reports Results of Drilling at Tierra Dorada Gold Project, Paraguay, and Provides Exploration Update

Golden Arrow Resources Corporation (TSX-V: GRG) (FSE: G6A) (OTCQ... READ MORE

May 20, 2022

NorZinc Announces RCF US$6 Million Bridge Loan to Fund 2022 Work Program at Prairie Creek Project

NorZinc Ltd. (TSX: NZC) (OTCQB: NORZF) is pleased to announce the... READ MORE

May 20, 2022

Enduro Announces Closing of $10 million Private Placement

Enduro Metals Corporation (TSX-V: ENDR) (OTCQB: ENDMF) is pleased... READ MORE

May 20, 2022

Eloro Resources Closes C$9.775 Million Bought Deal Financing

Eloro Resources Ltd. (TSX-V: ELO) (OTCQX: ELRRF) (FSE: P2QM) is p... READ MORE

May 20, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News