Cornerstone Metals Closes $1,100,020 Private Placement
Cornerstone Metals Closes $1,100,020 Private Placement
October 18, 2017 - Vancouver, British Columbia – Cornerstone Metals Inc. (TSXV – CCC)
(“Cornerstone” or the “ Company”) is pleased to announce that it has closed its non-brokered pri vate
placement previously announced September 22, 2017. The Company has issued an aggregate of
7,857,284 units at a price of $0.14/unit for gross proceeds of $1,100,020. Each unit is comprised of one
share and one warrant. Each warrant will be exercisable into a share, at an exercise price of $0.24 per
share, until October 18, 2020. Securities issued pursuant to the private placement will be subject to a four
month hold period until February 19, 2018.
Insiders of the Company purchased a total of 687,500 Units unde r the Private Placement, which is
considered a related party transaction within the meaning of Mu ltilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ( "MI 61-101 "). The Company relied on the
exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained
in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in re spect of such insider participation. No new
insiders and no control persons were created in connection with the Private Placement.
In connection with the private placement, the Company paid cash finder’s fees totaling $17,645.60.
The proceeds of the private placement will be used to carry out exploration programs on the Company’s
West Jerome property and its proposed new Carlin Vanadium Proje ct and for general working capital. In
accordance with Exchange requirements, funds allocated towards the Company’s new proposed
Vanadium project may not be advanced until the Company has rece ived TSXV approval for the
acquisition of the project, failing which funds will be allocated to general working capital.
About Cornerstone Metals Inc.
Cornerstone’s objective is to adva nce exploration/ development s tage copper, precious and strategic
minerals properties to production in the Americas. The Company’ s Management and Board Core
Competence is in exploration, permitting, development, construction, and operation of mining projects.
Cornerstone owns 100% (subject to 1.5% NSR) of the West Jerome property, near Jerome, Arizona, on
the west side of Freeport McMoRan patented lands. The property, in a Volcanogenic Massive Sulfide
camp, is a high-grade, massive sulfide target located 2.4 km south of the past-producing United Verde (32
million tons grading 4.4% copper, 1.5 oz/t silver and 0.04 oz/t gold). The West Jerome property has
attractive untested drill targets.
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a
Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.
ON BEHALF OF CORNERSTONE METALS INC.
per:
“Paul Cowley”
CEO & President
For further information, please contact:
Paul Cowley
Tel: 604-340-7711
Email: [email protected]
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.
Forward-looking information
All statements included in this press release that address activ ities, events or developments that the Company expects, believe s or anticipates will
or may occur in the future are forward-looking statements. In particular, this news release cont ains forward-looking information regarding the
use of proceeds of the offering. These fo rward-looking statements involve numerous as sumptions made by the Company based on it s experience,
perception of historical trends, current conditions, expected fu ture developments and other fact ors it believes are appropriate in the
circumstances. These assumptions include, but are not limited to : future costs and expenses being based on historical costs an d expenses,
adjusted for inflation; and market demand fo r, and market acceptance of, the offering. In addition, these statements involve s ubstantial known
and unknown risks and uncertainties that contribute to the possib ility that the predictions, forecasts, projections and other f orward-looking
statements will prove inaccurate, certain of which are beyond th e Company’s control. Readers should not place undue reliance o n forward-
looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statement s after the date
hereof or revise them to reflect the occurrence of future unanticipated events.