Cornerstone Capital seeks to replace SolGold’s board over mismanagement, transparency

Cornerstone Capital Resources (TSXV: CGP) plans to call a meeting of SolGold’s (TSX: SOLG; LSE: SOLG) shareholders to replace the company’s entire board, the investor said today. The move by the Ontario-based junior, which has an 8% interest in SolGold, comes after it rejected the Ecuador-focused mining company’s second takeover approach on July 14. “The current SolGold board is incapable of managing the affairs of SolGold for the benefit of all shareholders in a prudent and transparent manner,” Greg Chamandy, chairman of Cornerstone, said in a news release. SolGold, the owner of the massive Cascabel copper-gold project in Ecuador that has attracted big miners, made an all-stock offer for Cornerstone late in June.