SolGold said it was disappointed that Cornerstone Capital Resources had so swiftly dismissed a takeover approach and that it had decided to take its offer directly to the target's shareholders.
SolGold had offered 0.55 SolGold shares for every Cornerstone share, which it said represented a 20% premium over Cornerstone's closing price before its offer was announced.
'The directors of SolGold are surprised and disappointed that Cornerstone has so quickly dismissed SolGold's stated intention,' the company said.
'SolGold notes the apparent lack of consideration given to its announcement that it intends to make a premium offer for Cornerstone securities.'
SolGold said it believed that all Cornerstone shareholders should be given the opportunity to make an informed decision, and that an independent review should be conducted by the Cornerstone board.
'SolGold presently intends to proceed with its offer in accordance with the terms announced,' it added.