By Sheri Kasprzak
New York, April 19 - Cornerstone Capital Resources Inc. said it intends to raise up to C$1,625,000 in a private placement.
The non-brokered deal includes up to 2.5 million units at C$0.65 each.
The units consist of one share and one warrant. The warrants are exercisable at C$0.80 each for the first year and at C$1.10 each for the second year.
The proceeds will be used for the advancement on its projects and for exploration on the company's Voisey's Bay nickel, copper and cobalt mining programs in Labrador.
Based in Mount Pearl, Newfoundland, Cornerstone is a mineral exploration company.
| Issuer: | Cornerstone Capital Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,625,000 (maximum)
|
| Units: | 2.5 million (maximum)
|
| Price: | C$0.65
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.80 for the first year; C$1.10 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 19
|
| Stock symbol: | TSX Venture: CGP
|
| Stock price: | C$0.67 at close April 19
|
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