Increased On‐Market Takeover Bid by Nord Gold SE - Take No Action

TORONTO, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Cardinal Resources Limited (ASX / TSX: CDV) (“Cardinal” or “the Company”) refers to the fifth supplementary bidder’s statement from Nord Gold SE (Nordgold) announced on the ASX Market Announcements Platform this morning in respect of its unconditional on‐market takeover bid for Cardinal.

Cardinal notes that Nordgold has increased the Offer Price in respect of its on‐market takeover bid from A$1.00 to A$1.05 cash per share (Revised Nordgold Takeover Bid).

Cardinal also notes that the offer price of the unconditional off‐market takeover bid made by Shandong Gold Mining (HongKong) Co., Ltd. (Shandong Gold) is also A$1.05 cash per share.

In this regard, Cardinal notes that it has obligations under the Bid Implementation Agreement (as varied) with Shandong Gold and Shandong Gold Mining Co., Ltd and Shareholders are advised to TAKE NO ACTION at this time in relation to the Revised Nordgold Takeover Bid.

Cardinal will provide a further update to shareholders as soon as it is able.

Cardinal’s joint financial advisors are Maxit Capital LP, BMO Capital Markets, Euroz Hartleys Limited and Canaccord Genuity Corp. Cardinal’s legal advisors are HopgoodGanim Lawyers (Australia) and Bennett Jones LLP (Canada).

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.

*The Namdini Project has a published gold Ore Reserve of 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut‐off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut‐off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut‐off).

Authorised for release by the Board of Cardinal Resources Limited.

For further information contact:

Sarah Shipway
Company Secretary
Cardinal Resources Limited
P: [phone]
E: [e-mail]

Competent / Qualified Person Statement

The scientific and technical information in this announcement that relates to Exploration Results, Mineral Resources and Ore Reserves at the Namdini Gold Project has been reviewed and approved by Mr. Richard Bray, a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr. Ekow Taylor, a Chartered Professional Geologist with the Australasian Institute of Mining and Metallurgy. Mr. Bray and Mr. Taylor have more than five years’ experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as a Qualified Person for the purposes of NI43‐101. Mr. Bray and Mr. Taylor are full‐time employees of Cardinal and hold equity securities in the Company.