Cardinal Takeover Offers Update

TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Cardinal Resources Limited (ASX / TSX: CDV) (“Cardinal” or “the Company”) refers to the bidder’s statement for an unsolicited conditional off-market takeover offer for Cardinal at A$1.05 cash per share (E&P Takeover Bid) from Engineers & Planners Company Limited (a company incorporated in Ghana) (E&P) announced on the ASX Market Announcements Platform this morning.

The bidder’s statement for the E&P Takeover Bid is stated to be conditional upon 50.1% minimum acceptance by Cardinal’s shareholders, regulatory approvals (including Foreign Investment Review Board approval in Australia and approvals in Ghana by the relevant Authorities), no material adverse change in relation to Cardinal and other conditions customary for a transaction of this nature.

Having regard to the unsolicited nature of the E&P Takeover Bid, Shareholders are advised to TAKE NO ACTION at this time in relation to the E&P Takeover Bid while it is considered by Cardinal and its advisers.

Cardinal notes that throughout the first half of 2020, it was engaged in a strategic process¹ and engaged with, and received, a number of early stage proposals from a number of different parties (including, an early stage asset level proposal that was expressed to be subject to contract from Engineers & Planners Co. Ltd.).

Cardinal will provide an update to shareholders as soon as it is able. 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).

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¹ Refer to Cardinal announcements of 29 January 2020, 14 February 2020, 30 April 2020, 4 May 2020, 14 May 2020, 5 June 2020 and 16 June 2020.

ABOUT CARDINAL

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.