- Write by:
-
Wednesday, January 6, 2021 - 11:58:45 AM
-
475 Visit
-
Print
Mining News Pro - The board of directors at Cardinal Resources Ltd. is recommending shareholders to accept the off-market takeover offer made by Shandong Gold, which is due to expire on January 12.
Pertaining to the offer, the board said it notes that the Chinese gold miner has increased its aggregate acceptances in excess of 68% of all Cardinal shares.
In late December, Shandong effectively gained control over the company after receiving aggregate acceptances for over 50% of all Cardinal shares and upping its offer price to A$1.075 a share from A$1.05 a share.
Aside from Shandong, Cardinal had received conditional offers from other interested bidders. However, both Engineers & Planners Company Ltd. and Dongshan Investments Ltd. will not proceed with their respective bids for Cardinal shares due to the minimum acceptance conditions.
Meanwhile, the on-market takeover bid previously made by Russia’s Nordgold SE, Shandong’s closest competitor in the takeover battle, has expired.
“Whilst Nordgold holds the Namdini project in the highest regard, the price currently intended to be offered by Shandong Gold of A$1.075 is beyond that at which Nordgold feels able to justify,” Nordgold said in a statement after closing its offer for Cardinal.
Shandong is now the only remaining bidder for Cardinal, with a relevant interest in over 68% of Cardinal’s shares.
Cardinal’s flagship asset is the Namdini gold project in Ghana, which contains a published ore reserve of 5.1 million ounces, including a proven reserve of 400,000 ounces and a probable reserve of 4.7 million ounces.
Short Link:
https://www.miningnews.ir/En/News/609942
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
No comments have been posted yet ...