TSX-V-listed Cornerstone Capital Resources has claimed victory in defending against a hostile bid from SolGold – its joint venture partner in the Cascabel concession, in Ecuador.
Cornerstone said that SolGold’s hostile bid expired on October 14, without any common shares being taken up.
Australia-headquartered SolGold, which is backed by BHP and Newcrest Mining, on June 30 formalised an unsolicited offer for Cornerstone – a year-and-a-half after it first announced its intention to buy the company.