According to Mining News Pro - The unnamed gold miner made an initial proposal back in September, which comprised, among other terms, a C$0.225 a share cash component, the creation of a new company for all Core Gold’s projects in Ecuador other than Dynasty Goldfield, which would be spun out to Core Gold shareholders.

Following due diligence and site visits made by the interested party, a final proposal was submitted to Core Gold last week, with the cash component raised to C$0.33 a share. However, the newly created company would now only own the Copper Duke and Linderos projects, meaning that the suitor would acquire two more assets.

After assessing both the initial and final proposals, Core Gold’s board of directors has unanimously rejected the interested party, stating that the proposals offer no material increase in overall value to Core Gold shareholders.

The final proposal would give the interested party a 19.1% interest in the spinout company and in effect an interest in both the new company and Core Gold at the price of C$0.33 a share.

Core Gold also noted that the spinout company would be undercapitalized, unlisted and have no project with defined mineral resources.

Core Gold is currently subject to an unsolicited offer from Australia’s Titan Minerals, which did not partake in the strategic process despite being invited to.

Last week, Titan announced that it will make an improved offer of 3.1 Titan shares for each Core Gold common share — up from the original offer of 2.5 Titan shares for every Core Gold share.

Shares of Core Gold were down more than 10% at market close Wednesday. The Ecuador-focused gold miner has a market capitalization of C$29.4 million.