Dual-listed SolGold on Tuesday announced that it had formally commenced an offer to acquire the issued and outstanding shares of Ecuadorian mine partner Cornerstone Capital, inviting that company’s shareholders to be “part of an exciting plan”.
SolGold presented an all-stock transaction of 11 of its shares for each Cornerstone share, which it said represented a premium of about 22% over Cornerstone’s closing price on the TSX-V on June 29 and a premium of 56% based on the volume-weighted average trading price over the last 12 months.