Re: News - Monday, June 28, 2010
10-14 - Cornerstone Private Placement Completed
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced completion of
the private placement announced June 15, 2010. The company is pleased
to announce that the offering was fully subscribed for total proceeds
of $1.2 million.
The financing consisted of a non-brokered private placement of
10,000,000 units. Each unit was priced at $0.12 per unit and consisted
of one common share and one share purchase warrant entitling the holder
to purchase one additional common share at a price of $0.16 for two
years following the closing.
Finder's fees of 7.5% in units and 7.5% in compensation warrants (with
the same terms as the warrants contained in the units) were paid to
registered dealers who assisted in the placement.
All shares issued or issuable pursuant to the placement will bear a
legend restricting transfer until October 29, 2010.
The proceeds of the issuance will be used to advance existing
properties, to generate and acquire new exploration properties and to
provide working capital to the Corporation. Cornerstone wishes to
express appreciation to all shareholders for their continued trust and
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in Canada and Ecuador and a strong
technical team that has proven its ability to identify, acquire and
advance properties of merit. The company's business model is based on
generating exploration projects whose subsequent development is funded
primarily through joint venture partnerships.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially
from estimated or implied results. 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
On Behalf of the Board,
Colin B. McKenzie
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2010 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Mon Jun 28, 2010 at 1:30:00 PM Pacific Time