Cornerstone cries foul over timing of SolGold’s hostile offer

TSX-V-listed Cornerstone Capital Resources has rejected dual-listed SolGold’s unsolicited proposal to acquire the company, arguing that it undervalues its business and also called into question the timing of the proposed bid in the lead up to the release of the preliminary economic assessment (PEA) of the Cascabel project, in Ecuador.

In a letter dated March 8, the Cornerstone board said that it rejected the proposed hostile bid without actually having received the formal bid from SolGold and laid into the company for a “consistent track record of delays”.