Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

December 02, 2009 13:55 ET

Cornerstone Private Placement for $1,000,000 Completed

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Dec. 2, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces the completion of the flow through financing announced November 12, 2009. The financing consisted of a private placement of 6,250,000 units for gross proceeds of $1,000,000. Each unit was priced at $0.16 per unit and consisted of one flow through common share and one-half non-flow-through share purchase warrant. Each whole warrant entitles the holder to purchase one non-flow through common share at a price of $0.20 in the first year following the closing or $0.25 in the second year.

A cash finder's fee equal to 6.5% and a cash due diligence fee of 0.5% were paid at closing, as well as a finder's fee option to purchase non-flow-through units at an exercise price of $0.16 per unit equal to 7% of the number of units subscribed for. Other than the flow-through attributes, the finder's fee option will have the same terms as the flow-through units.

All shares issued pursuant to the placement will bear a legend restricting transfer for four months, that is until March 28, 2010.

The gross proceeds from the sale of the flow-through units will be used by the Company for exploration expenses on projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada).

Participants in the private placement are MineralFields Flow-Through Funds as well as several private investors.

About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada and Ecuador and a strong technical team that has proven its ability to identify, acquire and advance properties of merit. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships.

Further information is available on Cornerstone's website:

About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Calgary and Montreal, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

Cautionary Notice:
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein.

On Behalf of the Board,

Colin B. McKenzie, President & CEO

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.

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