OTTAWA, July 11, 2019 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) today announced that it will implement the previously announced proposed consolidation (the “Share Consolidation”) of its issued and outstanding common shares (the “Common Shares”) on the basis of one (1) post-consolidation Common Share for every twenty (20) pre-consolidation Common Shares, effective as of July 12, 2019. Shareholder approval of the Share Consolidation was obtained at the Company’s annual general and special meeting held on June 25, 2019. The Company has also received TSX Venture Exchange (“TSXV”) approval for the Share Consolidation.
Following the Share Consolidation, the Common Shares will continue to be traded on the TSXV under the symbol “CGP”. The Common Shares are scheduled to begin trading on a post-consolidation basis at market open on July 15, 2019. Following the Share Consolidation, the Common Shares will have a new CUSIP number (21922J604) and ISIN number (CA21922J6043).
A letter of transmittal will be mailed to all registered shareholders with instructions on how to exchange their existing share certificate(s) for new share certificate(s). Additional copies of the letter of transmittal can be obtained through Computershare Investor Services Inc. Shareholders may also obtain a copy of the letter of transmittal under the Company’s SEDAR profile at www.SEDAR.com. Following the Share Consolidation, share certificates representing pre-consolidation Common Shares will be deemed for all purposes to represent the number of Common Shares to which the shareholder is entitled as a result of the Share Consolidation. No delivery of a new share certificate to a shareholder will be made until the shareholder surrenders its certificate(s) representing the pre-consolidation Common Shares along with the letter of transmittal to Computershare Investor Services Inc. in the manner detailed in the letter of transmittal.
Non-registered beneficial holders holding their Common Shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have specific procedures for processing the Share Consolidation. Shareholders holding their Common Shares with such a bank, broker or nominee and who have any questions in this regard are encouraged to contact their nominee.
No fractional Common Shares will be issued upon the Share Consolidation. In the event a holder of Common Shares would otherwise be entitled to receive a fractional Common Share in connection with the Share Consolidation, the number of Common Shares to be received by such shareholder will be rounded down to the next whole number if that fractional Common Share is less than one half (1/2) of a Common Share, and will be rounded up to the next whole number of Common Shares if that fractional Common Share is equal to or greater than one half (1/2) of a Common Share.
There are 640,141,422 Common Shares currently issued and outstanding. Following completion of the Share Consolidation, the Company will have approximately 32,007,071 Common Shares issued and outstanding (on a non-diluted basis and subject to rounding to account for fractional shares).
The exercise or conversion price of, and the number of Common Shares issuable under, any convertible securities of the Company will be proportionately adjusted upon the completion of the Share Consolidation.
Further details regarding the Share Consolidation are included in the Company’s management information circular dated May 21, 2019, a copy of which is available under the Company’s SEDAR profile at www.SEDAR.com.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Mario Drolet (Montreal); Email: Mario@mi3.ca;
Tel. (514) 346-3813
Corporate Matters: David Loveys, CFO; Email: email@example.com;
Tel. (343) 689-0714
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This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “expect,” “may,” “project,” “plan,” and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements.’ Although Cornerstone believes that its expectations reflected in these ‘Forward-Looking Statements’ are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.
On Behalf of the Board,
Hugh Brooke Macdonald
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.