Revised and Improved Takeover Proposal From Shandong Gold
The Improved Shandong Gold Offer is now being considered in detail by the board, together with the Special Committee and its financial and legal advisers. The Company will also be engaging with Shandong Gold in respect of the revised proposal.
Cardinal notes the Improved Shandong Gold Offer remains subject to a number of conditions, including regulatory approvals in Australia (FIRB) and in China. Shandong Gold has advised that it expects to receive certain of the Chinese regulatory approvals imminently. These conditions are set out in Cardinal's announcement of the Bid Implementation Agreement announced on 18 June 2020.
In light of the Improved Shandong Gold Offer, and noting the competing on-market takeover offer for Cardinal at A$0.66 cash per share from Nord Gold SE (Nordgold Takeover Bid) announced on the ASX on 15 July 2020, shareholders are advised to TAKE NO ACTION in relation to their shares at this time.
The Company will provide an update to shareholders as soon as practicable.
Cardinal's joint financial advisors are Maxit Capital LP, BMO Capital Markets, Hartleys Limited and Cannacord Genuity Corp. and its legal advisors are HopgoodGanim Lawyers (Australia) and Bennett Jones LLP (Canada).
About Cardinal Resources Ltd
The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
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 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
Cardinal Resources Ltd