7 Oct 2022
Mining firms Cornerstone, SolGold agree to friendly merger
On February 24, 2023, Cornerstone Capital Resources Inc. ("Cornerstone") finalized its previously announced plan of arrangement with SolGold plc, making Cornerstone a fully-owned subsidiary of SolGold. Under this deal, SolGold acquired all outstanding common shares of Cornerstone, except for those already owned by SolGold. Specifically, Cornerstone shareholders received 15 SolGold ordinary shares for every Cornerstone share they held. These newly issued SolGold shares are now listed on both the London Stock Exchange and the Toronto Stock Exchange under the ticker "SOLG", after meeting standard listing conditions.
Post-acquisition, Cornerstone's shares are set to be de-listed from the TSX Venture Exchange by February 28, 2023. Trading for Cornerstone shares will also halt on the OTC Pink Market and Frankfurt Stock Exchange. Furthermore, SolGold will initiate procedures for Cornerstone to end its reporting issuer status under Canadian securities regulations.