July 15, 2020 / 11:35 AM / 23 days ago

Canada's Cornerstone looks to replace BHP-backed SolGold's board

July 15 (Reuters) - Cornerstone Capital Resources Inc said on Wednesday it intends to call a meeting of SolGold Plc’s shareholders to replace the company’s entire board, after it rejected the London-listed miner’s takeover approaches twice.

Cornerstone has an 8% stake in SolGold, making it the BHP-backed company’s fourth biggest shareholder.

SolGold, the copper-gold company focused on Ecuador, made an all-stock transaction offer of 11 SolGold ordinary shares for each Cornerstone share late in June, after its earlier proposal in 2019 was rejected on grounds that it undervalued the Canadian company. (Reporting by Shanti S Nair in Bengaluru; Editing by Amy Caren Daniel)

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