Cornerstone CapitalResources Inc. said April 7 that it will conduct a nonbrokered privateplacement to raise C$4.5 million to acquire and perform initial exploration on goldand copper properties in Ecuador.
The private placement will consist of 90 million units at 5 centsper unit, with each unit consisting of 1 common share and 1 nontransferable warrant.Each warrant may be exercised for 1 common share at 10 cents within five years.
Cornerstone has a 15% interest, financed to completion of a feasibilitystudy, in the Cascabelgold-copper porphyry project in Ecuador. The company said it will also seek partnersto advance its two 100%-owned gold properties in the country, Vetas Grandes and Bella Maria, at Cana Brava where it owns an option to acquire a100% interest, and at the Mioceneproject in Chile.
The fundraising is expected to close May 2.