Cornerstone Rejects Second Hostile Bid By SolGold

OTTAWA - Cornerstone Capital Resources Inc. reported that its Board of Directors, upon the unanimous recommendation of an independent committee of the Board and following a detailed review conducted in consultation with its financial and legal advisors, has unanimously rejected SolGold plc’s unsolicited offer to acquire Cornerstone (the “Hostile Bid”) for the second time. The Hostile Bid was formalized by SolGold on June 30, 2020 nearly a year and a half after SolGold announced its intention to make an unsolicited offer to acquire Cornerstone. The Board previously announced its first rejection of the proposed bid as outlined in Cornerstone’s press release dated March 8, 2019.