Ottawa, ON, Canada: Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces that the Company’s board of directors (the “Board”) has approved a by-law that sets out advance notice requirements for director nominations (the “Advance Notice By-Law”). The Advance Notice By-Law is intended to provide the Company’s shareholders, directors and management with a transparent, fair and structured framework under which the Company’s shareholders may submit director nominations. The Advance Notice By-Law fixes a deadline by which the Company’s shareholders must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets out the information that a shareholder must include in a notice to the Company. Under the Advance Notice By-Law, shareholders seeking to nominate a candidate for a Board seat will generally be required to provide notice at least 30 days prior to the date of an annual general meeting or within 15 days following the announcement of any special meeting called for the purpose of electing directors.
The Advance Notice By-Law became effective upon its adoption by the Board on April 29, 2021. Pursuant to the provisions of the Business Corporations Act (Alberta), the Company will seek shareholder approval for the Advance Notice By-Law at the Company’s next annual general and special meeting of shareholders, which is currently expected to be held in late June, 2021 (the “Meeting”). If the Company’s shareholders do not approve the Advance Notice By-Law at the Meeting, the Advance Notice By-Law will cease to be effective.
The foregoing summary of the Advance Notice By-Law is qualified in its entirety by reference to the complete text of the Advance Notice By-Law, which is available under the Company’s profile on SEDAR at www.sedar.com, and which will be described in the Company’s management information circular for the Meeting.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential”, “anticipate”, “forecast”, “believe”, “estimate”, “intend”, “trends”, “indicate”, “expect”, “may”, “should”, “could”, “will”, “project”, “plan”, or the negative or other variations of these words and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements’, although not all forward-looking statements contain these words. Examples of forward-looking statements in this news release include, but are not limited to, the Company’s expectation that the Advance Notice By-Law will provide the Company’s shareholders, directors and management with a transparent, fair and structured framework under which the Company’s shareholders may submit director nominations, the Company’s expectation that it will seek shareholder approval for the Advance Notice By-Law at the Meeting and the expected timing of the Meeting. 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,
President and CEO
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