- Write by:
-
Monday, March 16, 2020 - 2:34:20 PM
-
747 Visit
-
Print
Mining News Pro - Gold explorer Cardinal Resources has received an indicative non-binding takeover offer from shareholder Nord Gold (Nordgold), which valued the Australian company at A$227-million.
According to Mining News Pro - Nordgold has more than 98.4-million shares in Cardinal, giving the company a 19.9% interest in the ASX-listed junior. The shareholding included more than 81-million shares acquired from a subsidiary of Gold Fields at a price of 45c a share.
Nordgold has provided Cardinal with a nonbinding indicative and conditional proposal to acquire all the company’s outstanding shares for an offer price of 45.77c a share, valuing Cardinal at about A$227-million.
The offer represented a cash premium of 83% to Cardinal’s closing price on March 13, Nordgold said on Monday.
Nordgold is seeking access to conduct a due diligence on certain key aspect’s of Cardinal’s Namindi gold project, in Ghana, where the company was recently granted a water extraction licence and had its resettlement action plan approved by the Ghanaian government.
An October feasibility study into the project estimated that it would produce some 4.2-million ounces of gold over a mine life of 15 years, with an estimated 1.1-million ounces expected over the first three years of the operation. Namindi is expected to cost $390-million to develop.
Nordgold noted that a final takeover offer would be condition on the successful completion of this due diligence and the satisfaction and approval of its board of directors.
Privately held Nordgold operates ten gold mines, of which three are in Burkina Faso and one is in Guinea.
Short Link:
https://www.miningnews.ir/En/News/502954
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 ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
Australia’s Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
No comments have been posted yet ...