Cardinal Resources Limited Additional Shareholders Intention Statements Received
Updated: Shareholders representing 22.81% of Cardinal’s shares intend to accept Shandong Gold Offer in the absence of an increase from Nordgold or a superior proposal
TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Cardinal Resources Limited (ASX / TSX: CDV) (“Cardinal” or “the Company”) advises that it has received
a further 4 letters (in addition to the 28 letters announced to the market on 23 October 2020) (Shareholder Intention Statements) from persons who own or control 3.43% of the
Company’s shares to the effect that they intend to accept the unconditional off-market takeover offer by Shandong Gold Mining (HongKong) Co., Ltd. (“Shandong Gold”)
(“Shandong Gold Offer”) by Friday, 30 October 2020 if Shandong Gold has not otherwise extended its offer period by 10:00am on Friday 30 October, or if Shandong
Gold has extended its offer by 10:00am on Friday 30 October, they intend to accept the Shandong Gold Offer by 5:30pm (AEDT) on the new last day of the Shandong Gold Offer period, subject to
- Nord Gold S.E (“Nordgold”) not increasing the offer price of its takeover offer above A$1.00 per Share; or
- there being no superior proposal for value in excess of A$1.00 per Share,
in each case prior to 5.30pm (AEDT) on Thursday 29 October 2020
The additional Shareholder Intention Statements, when added to those announced to the market on 23 October 2020, mean that shareholders representing in total 22.81% of the Company’s shares now have the Intention.
Full details of the persons that have provided additional Shareholder Intentions Statements are set out in Schedule 1 to this announcement.
Cardinal refers shareholders to its announcement of 23 October 2020 as to the effect of the Statements of Intention.
The Cardinal Board continues to unanimously recommend that Cardinal Shareholders ACCEPT the Shandong Gold Offer (in the absence of a Superior Proposal) and TAKE NO ACTION in respect of the Nordgold Offer.
Cardinal’s joint financial advisers are Maxit Capital LP, BMO Capital Markets, Euroz Hartleys Limited and Canaccord Genuity Corp. Cardinal’s legal advisers are HopgoodGanim Lawyers (Australia) and Bennett Jones LLP (Canada).
Cardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused exploration and development Company that holds interests in tenements within Ghana, West Africa.
The Company is focused on the development of the Namdini Gold Project and released its Feasibility Study on 28 October 2019.
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of April 3, 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.