After a previous hostile takeover attempt of its partner in the Cascabel copper project, SolGold on Friday announced that it had reached an agreement for a friendly merger with Cornerstone Capital Resources.
TSX- and LSE-listed SolGold will acquire all the issued and outstanding shares of TSX-V-listed Cornerstone for 15 of its own shares for every Cornerstone share held. SolGold may elect to pay up to 20% of the consideration in cash.
The companies said in a joint statement that the merger would significantly strengthen the ability of the combined group to create value for shareholders by consolidating ownership of the Cascabel project along with a robust portfolio of other projects primarily across Ecuador.
SolGold has attempted to buy Cornerstone for some years, having first announced its intention to make an unsolicited offer in 2019. “It has been my view from the start that SolGold and Cornerstone are more valuable together than apart.
For the rest of this article: https://www.miningweekly.com/article/solgold-and-cornerstone-bury-hatchet-with-friendly-merger-2022-10-07