Cornerstone Metals Announces 2:1 Consolidation
September 19, 2017 - Vancouver, British Columbia – Cornerstone Metals Inc. (TSXV – CCC) (“Cornerstone” or the “Company”) is pleased to announce that TSXV has approved the consolidation of its common shares on a 2 for 1 basis. The consolidation will take effect Friday, September 22, 2017. Assuming no other change in the issued capital of the Company, it is expected that upon completion of this consolidation, Cornerstone will have approximately 11,452,847 common shares issued and outstanding, reduced from 22,905,694 which are currently issued and outstanding. At the opening of trading on Friday, September 22, 2017, the CUSIP number of the Company will change to 21925M208, however, the Company’s name and trading symbol will remain the same. The Company’s outstanding options and warrants will also be adjusted on the same basis (2 for 1) as the common shares, with proportionate adjustments being made to exercise price. No fractional common shares will be issued, and no cash will be paid in lieu of fractional, post-consolidation common shares, options or warrants. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share (less than one-half of a share will be cancelled and more than one-half of a share will be changed to one whole share). A letter of transmittal will be mailed to all registered shareholders with instructions on how to exchange existing share certificate(s) for new share certificate(s). Additional copies of the letter of transmittal can be obtained through Computershare Investor Services Inc. Until surrendered, each certificate formerly representing common shares of the Company will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
ON BEHALF OF CORNERSTONE METALS INC.
CEO & President
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the proposed 2:1 consolidation. These forward-looking statements involve numerous assumptions made by the Company based on factors it believes are appropriate in the circumstances. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.