Ottawa, ON, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to announce that all matters presented for approval at its annual and special meeting of shareholders held on June 25, 2019 have been duly authorized and approved, as follows:|
431,289,048 shares or 67.41% of the 639,841,422 outstanding shares were represented at the meeting.
- receiving the financial statements of the Company for the financial year ended December 31, 2018;
- fixing the number of directors for the ensuing year at six, and the election of directors;
- appointment of UHY McGovern, Hurley LLP as auditors of the Company for the ensuing year and the authorization of the directors to fix their remuneration;
- amendment of the Company's fixed stock option plan to increase the maximum number of common shares reserved for issuance thereunder, as more particularly described in the management information circular for the Meeting (the "Circular");
- the grant of an aggregate of 16,237,500 stock options under the Company's fixed stock option plan, as more particularly described in the Circular;
- the Company's shareholder rights plan, as more particularly described in the Circular; and
- an amendment to the articles of the Company to consolidate the issued and outstanding common shares on the basis of one (1) post-consolidation common share for up to every 20 pre-consolidation common shares, or such lower ratio as may be determined by the board of directors of the Company in their sole discretion, as more particularly described in the Circular.
Directors were re-elected with between 91.77% and 92.33% in favour (8.23% and 7.67% opposed).
The Auditors were appointed by 92.77% in favour (7.23% opposed).
The fixed stock option plan was approved by 85.15% (14.85% opposed), and the stock option grants were ratified by 92.64% (7.36% opposed).
The shareholder rights plan was ratified by 92.08% (7.92% opposed), and 99.58% (excluding shares held by non-"Independent Shareholders" (as defined in the rights plan)).
The share consolidation was approved by 98.90% (1.10% opposed).
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. Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean company owned by SolGold Plc 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. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
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", "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 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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