Cornerstone Metals Inc. Closes Non-Brokered Private Placement And Appoints VP Exploration
May 12, 2014 – Vancouver, British Columbia – Cornerstone Metals Inc. (TSX-V: CCC) (“Cornerstone” or the “Company”) has closed a non-brokered private placement of 2,453,660 units at a price of $0.05 per unit for gross proceeds of $122,683. Each unit is comprised of one common share and one transferable share purchase warrant. Each warrant will be exercisable to purchase one additional common share at an exercise price of: $0.05 in the first six (6) months after issuance of the warrants, $0.075 in the period from six (6) months to twelve (12) months after issuance of the warrants, and $0.10 in the period from twelve (12) months to twenty four (24) months after issuance of the warrants. If during the exercise period of the warrants, subsequent to the expiry of the regulatory 4 month hold period, the closing price of the Company’s common shares is at least $0.15 per share for 20 consecutive trading days, the Company may accelerate the expiry time of the warrants to 20 calendar days from the date written notice is provided to the warrant holders. Securities issued pursuant to the private placement are subject to a four month hold until September 13, 2014.
Proceeds from the private placement will be used for general working capital.
The Company has paid a finder’s fee of 56,000 units to Haywood Securities Inc. The finder’s fee units are under the same terms as the units issued pursuant to the private placement.
The Company also wishes to announce that Thomas R. Kilbey has been appointed VP Exploration for the Company. Tom Kilbey has over 27 years of grassroots exploration, property evaluation, and mine/project development experience all over the United States and parts of Mexico. Tom has a B.Sc. from Univ. of Wisc.-Milwaukee and an M.S. geology from Arizona State. He has worked for majors (Amax, Cyprus, Newcrest, AngloGold) and juniors (Copper One, Romarco). Much of his major company experience includes developing and prospecting sediment hosted, skarn, porphyry gold and copper deposits along with epithermal gold vein systems and bulk mineable gold-silver resources. Tom is a Qualified Person and a C.P.G. with the American Institute of Professional Geologists.
On Behalf of Cornerstone Metals Inc.
President and CEO
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