Cornerstone Capital Resources (TSXV-CGP) has announced that, given the ongoing delays faced by the company in obtaining certain approvals, the board of directors has decided not to proceed with the previously announced plan of arrangement at this time.
The plan of arrangement, which was first announced on July 13, 2017, would have involved, among other things, undertaking a spin-off transaction whereby Cornerstone would have transferred its non-Cascabel assets to a newly created company.
Cascabel, in Ecuador is Cornerstone’s flagship project, targeting copper-gold, while the rest of the company’s assets are mostly gold-copper.
Despite the recent delays, the board remains committed to pursuing a transaction that will unlock the value of the company’s non-Cascabel assets, including the drill ready Bella Maria, Shyri NW (Vetas Grandes) and Bramaderos properties in Ecuador, an option to own 100 percent of the drill ready Caña Brava property in Ecuador, the Tioloma property surrounding Caña Brava, the applications for new properties in Ecuador made by Cornerstone’s subsidiary, La Plata Minerales S.A., and the Miocene property in Chile, in addition to Cornerstone’s generative exploration databases for Ecuador and Chile.
Click here to read the full Cornerstone Capital Resources (TSXV:CGP) press release.
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