Cornerstone Intends to Requisition SolGold GeneralMeeting to be held in late October 2020 to Replace Entire SolGold Board Ottawa, ON, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or the "Company") (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces that, under section 303 of the Companies Act 2006 of the United Kingdom (the "UK Companies Act"), it intends to formally requisition a general meeting ("General Meeting") of shareholders of SolGold plc ("SolGold") (LSE:SOLG) (TSX:SOLG) to be held on or after October 27, 2020 to replace the entire SolGold board. Cornerstone intends to submit the formal requisition at an appropriate date that will ensure that the General Meeting will be held on or after October 27, 2020.
At the requisitioned General Meeting, Cornerstone intends to propose that all members of the current SolGold board be replaced with five new nominees. Details on the proposed nominees will be provided in due course.
In accordance with applicable law, absent the agreement of SolGold and its directors, it is not possible to effect the replacement of the SolGold board without convening a General Meeting. Accordingly, Cornerstone will not be able to effect the replacement of the board simply by way of obtaining written consent from a regular majority of SolGold shareholders and must instead formally requisition a General Meeting.
Cornerstone will provide further information as required by applicable securities laws and the UK Companies Act in connection with any action taken by Cornerstone.
About Cornerstone and the Cascabel Joint Venture:
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 north west Ecuador. Cornerstone has a 21.4% 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 7.6% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. ("ENSA"), an Ecuadorian 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.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333