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Cornerstone sells Cape Ray Property to Benton

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Cornerstone sells Cape Ray Property to Benton

 

 

 

 

 

Cornerstone Capital Resources Inc. TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that it has amended its original agreement dated December 19, 2012 with Benton Resources Inc. (TSXV: BEX) which will allow Benton to purchase a 100% interest in the Cape Ray Gold project located on the south west coast of Newfoundland.  Benton can purchase the project by making a one-time payment of $200,000 cash and by issuing 350,000 common shares of Benton.  Cornerstone will also retain a 0.25% NSR which will result in there being a total of 2% NSR on the project of which Benton has the right to purchase back 1% for $1 million dollars. The amendment is subject to regulatory approval.

 

 

 

In other news, Cornerstone also announced that it has granted 50,000 incentive stock options to acquire Cornerstone common shares at a price of $0.10 per share to a consultant to the Company who also serves as an officer of one of Cornerstone’s subsidiary companies. The options have a 5-year term and vest over 18 months in accordance with the Company’s Stock Option Plan.

 

 

 

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 Canada, 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.

 

Posted July 4, 2013

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