Cornerstone Metals Announces Closing of First Tranche of Private
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/20/12 --
Cornerstone Metals Inc. the "Corporation") (TSX VENTURE:CCC) is
pleased to announce that further to its press releases dated October
15, 2012 and October 25, 2012, it has completed the first tranche of
its non-brokered private placement (the "Private Placement").
Pursuant to the first tranche of the Private Placement, the
Corporation issued 897,000 units ("Units") of the Corporation at a
purchase price of $0.125 per Unit for gross proceeds of $112,125.
Each Unit consists of one (1) common share in the capital of the
Corporation ("Common Share") and one (1) Common Share purchase
warrant of the Corporation ("Warrant"). Each Warrant entitles the
holder to purchase one (1) Common Share at a purchase price of $0.20
per Common Share exercisable on or before May 19, 2014. The Common
Shares and any securities issued upon the exercise of the Warrants
are subject to a hold period which expires on March 20, 2013.
The second tranche will be up to 1,103,000 Units for a total offering
of up to 2,000,000 Units. The second tranche is anticipated to close
on or around November 26, 2012. Finder's Fees may be paid in
connection with the second tranche. The second tranche of the Private
Placement is subject to final approval by the TSX Venture Exchange
The Corporation intends to use the net proceeds of the entire Private
Placement for general working capital.
About Cornerstone Metals
The Corporation is a mining exploration company headquartered in
Canada. It owns the Dora Gold Project near Merritt, British Columbia
and is seeking advanced-stage exploration projects, early stage
development/ production projects or old mines to rehabilitate and put
back in to production. It is pursuing precious metals or polymetallic
deposits or mines in the Americas. Management/board experience
includes exploration, permitting, development and production of open
pit and underground hard rock mines.
On Behalf of the Corporation
Courtney Shearer - interim - CEO and President
This press release contains forward-looking statements. All
statements, other than statements of historical fact, constitute
forward-looking statements" and include any information that
addresses activities, events or developments that the Corporation
believes, expects or anticipates will or may occur in the future
including the Corporation's strategy, planned drill program or future
financial or operating performance and other statements that express
management's expectations or estimates of future performance.
Forward-looking statements are generally identifiable by the use of
the words "may", "will", "should", "continue", "expect",
"anticipate", "estimate", "believe", "intend", "plan" or "project" or
the negative of these words or other variations on these words or
comparable terminology. All such forward-looking information and
statements are based on certain assumptions and analyses made by the
Corporation's management in light of their experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors management believes are
appropriate in the circumstances. These statements, however, are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of the Corporation to be materially different from those
expressed, implied by or projected in the forward-looking information
or statements. Important factors that could cause actual results to
differ from these forward-looking statements include but are not
limited to: risks related to the exploration and potential
development of the Corporation's projects, risks related to
international operations, the actual results of exploration
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, future prices of gold, as
well as those factors discussed in the sections relating to risk
factors of the Corporation set out in the Corporation's MD&A filed on
There can be no assurance that any forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader should not place any undue reliance on
forward-looking information or statements. Except as required by law,
the Corporation does not intend to revise or update these
forward-looking statements after the date of this document or to
revise them to reflect the occurrence of future unanticipated events.
Neither the 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.
Cornerstone Metals Inc.
Interim - CEO and President
(888) 255-9404 (FAX)
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