Re: Press Releases - Wednesday, October 17, 2007
07-21 - 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 September 17, 2007. The company is
pleased to announce that the offering was fully subscribed for total
proceeds of $3.025 million.
The financing consisted of a non-brokered private placement of
5,500,000 units. Each unit was priced at $0.55 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 $0.80 for two
years following the closing.
A finder's fee of 6�% was payable in units to dealers who assisted in
All shares issued pursuant to the placement will bear a legend
restricting transfer until February 18, 2008.
Participants in the private placement include Global NR Holding SA, a
Luxembourg-based holding company which is controlled by the Lundin
family and Exploration Capital Partners, which is controlled by the
Rule Family Trust. Other investors include Doug Casey personally and
another senior industry letter writer. Cornerstone wishes to welcome
the new shareholders and to express appreciation to all shareholders
for their continued trust and confidence.
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 Capital Resources Inc. is a mineral exploration company
with 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.
Cornerstone's current and past joint venture partners include Agnico
Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore,
Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Noranda, Phelps
Dodge, and Thundermin.
On Behalf of the Board,
Glen H. McKay
President & CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at firstname.lastname@example.org;
or toll free at 1-877-277-8377.
The common shares of the Company are currently listed on the TSXV in
Canada (symbol CGP), the OTC
in the USA
(symbol CTNXF) and the
Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Copyright (c) 2007 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Wed Oct 17, 2007 at 1:45:00 PM Pacific Time