Cornerstone announces results of August 25ᵗʰ shareholders’ meeting

OTTAWA, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to announce that all items of business presented for approval at its annual and special meeting of shareholders held in a virtual-only format on August 25, 2020 have been approved by the requisite majority of Cornerstone’s shareholders, as follows:

1. Fixing the number of directors to be elected for the ensuing year at six;
2. Electing the nominees of Cornerstone to the board of directors of the Company for the ensuring year;
3. Re-appointing UHY McGovern Hurley LLP as the auditors of the Company for the ensuring year and authorizing the board of directors of the Company to fix their remuneration; and
4. Approving, ratifying and confirming the Company’s Amended and Restated By-Law No.1.

20,365,309 common shares, or 62.81% of the 32,425,661 outstanding common shares as of July 21, 2020, the record date for the meeting, were represented at the meeting.

The directors were re-elected with between 99.83% and 99.54% of the votes cast at the meeting (and between 0.17% and 0.46% votes withheld).

The auditors of the Company were re-appointed with 99.83% of the votes cast at the meeting (0.17% votes withheld).

The Company’s Amended and Restated By-Law No. 1 was approved, ratified and confirmed with 99.86% of the votes cast at the meeting (0.14% opposed).

About Cornerstone

Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 21.4% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 7.6% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.