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Cornerstone Shareholders Approve Arrangement
OTTAWA, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1) is pleased to announce that at a special shareholder meeting held today (the “Meeting”), holders of common shares of Cornerstone (“Cornerstone Shareholders”) voted overwhelmingly in favour of the special resolution (the “Arrangement Resolution”) approving the previously-announced plan of arrangement (the “Arrangement”) pursuant to which SolGold plc (LSE:SOLG; TSX:SOLG) (“SolGold”) will acquire all of the issued and outstanding common shares of Cornerstone (the “Cornerstone Shares”), other than the Cornerstone Shares already held, directly or indirectly, by SolGold.
The Arrangement Resolution was approved by 99.98% of the votes cast by Cornerstone Shareholders present at the virtual Meeting or represented by proxy and entitled to vote at the Meeting (99.97% excluding the votes cast by Cornerstone Shareholders that were required to be excluded pursuant to Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions).
Greg Chamandy, Chairman of Cornerstone, and Brooke Macdonald, President and Chief Executive Officer of Cornerstone, jointly stated:
“We thank our shareholders for the near unanimous support of the merger with SolGold. We are very excited about the future prospects of SolGold under the strong leadership of Scott Caldwell. We look forward to being SolGold shareholders as the strategic review will now be the number one priority to ensure all shareholders are appropriately rewarded for supporting the extraordinary discovery at Cascabel.”
Cornerstone will seek a final order of the Court of King’s Bench of Alberta to approve the Arrangement at a hearing scheduled to be held on January 10, 2023. Subject to obtaining all required approvals and the satisfaction or waiver of all required conditions to closing, the Arrangement is expected to close in late January 2023.
Good news, another milestone.
Closed by end of January
I think someone better tell Scott Caldwell that the strategic review is a smoke screen! The poor man is deluded when it comes to the matter of the review! Having said that...I'm sure some of the experts here will put him right!
I did say this morning that the strategic review IS BEING CONDUCTED!
You couldn't make a lot of this bullshyte up .......hold on.....hmmmm.
Indeed you did copperpot thanks
That's almost a near perfect vote. Splendid stuff. Does this mean that we have next to zero in cap shareholder cash payouts? If true, that's great news and may mean we can hold onto those 6% CGP/SOLG shares and stick them into treasury until needed ... if at all.
Expect a sale of the company in February 2023 then ;)
The Canadians know a good deal when they see one.
This is an important day for us and I'm sure they will not squander the opportunity to deliver value.
Add …. Haven’t you heard it’s production or a JV and we’re all idiots??
Of course it’s agreed….. they have effectively taken over control of Solgold… they could if they wanted, laugh in Mathers face now every time they see him.
Orthern
Sorry bud but none of this would happen if Nick wasn’t behind it….
But why is Nick behind it DBW? Is it because he burned all his other bridges and had to park his ego to secure an exit?
We all know his view on JVs (which is another reason we won't do one).
As someone said the other week-may have been Orthern - CGP have effectively reversed into SOLG, secured 100% of the project and appointed their own CEO and key officers, without paying a dime. If you're a CGP shareholder, you should be ecstatic at the deal - I'd quite like the rationale of the 0.2% who voted against.
The key thing for me is strategy going forward. I've seen nothing to suggest it's a case of merging in January and selling in February, so I want to know what the expanded SOLG has planned whilst other matters take care of themselves.
Bozi … simply my opinion that the biggest individual shareholder wants the same things most sane investors do….. I’m sure he’ll do his talking through DGR
Nice to see what an RNS from solgold will say in the morning if anything different
DBW yes NM always said that right from the begining reward all shareholders and hey ho look what comes out from cgp pretty much same thing ,indeed it's looking like February going to be interesting
Bozi, the scales fell from his eyes.
BTW, it was me who described it as a reverse takeover, which is exactly what has happened. The whole thing is quite astonishing and most welcome.
Addicknt - the fact you see another crew engineer themselves into a position of strength at your own expense shows what an utterly desperate affair this has become for some shareholders.
A real shame.
Lets just hope that whatever should manifest from these events is acceptable to you and others who feel similarly.
Bozi, if it turns out well for me you will benefit as well. Chin up!
Undoubtedly Addicknt. It's the flip side of that coin that concerns me.
Lets hope management old and new can prove that SolGold and Cornerstone will be stronger together in 2023.
https://www.mining.com/copper-price-hits-more-than-6-month-peak-as-china-reopens-border/
Bogota,read something similar yesterday demand going to outstrip supply very soon bides well for solgold assets
Finally feels like SOLG is going to be run like I want it to be run.
And sold.
Bubble - see the coomentary re 2023 M&A in the following article -
https://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/copper-forecast/
Bogota,yes certainly the demand will be there like Norton say above $10,000 dollars an ounce is coming china demand,Chile and Peru in political and financial storm ,strikes etc ,the nice but a read us how much copper is going to be needed to help climate control found that intresting aswell thanks for link
Solgold really undervalued imho ,this indeed like a few have said could be a bidding war /auction when it comes imho
Seanhunter yes you might be right there