Shandong Gold Satisfies FIRB Condition
Perth, Aug 20, 2020 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) (C3L:FRA) (CRDNF:OTCMKTS) (TSE:CDV) is pleased to advise that Shandong Gold Mining (HongKong) Co., Limited ("Shandong Gold") has today given notice to Cardinal that the Foreign Investment Review Board ("FIRB") approval condition of its off-market takeover offer to acquire all of the Shares in Cardinal it does not presently own at a cash price of A$0.70 per Share ("Offer"), has been fulfilled.
Satisfaction of the FIRB approval condition means that the Shandong Gold Offer has become free of that condition.
The Shandong Gold Offer remains subject to the other conditions contained in the Bidder's Statement, including:
1. 50.1% minimum acceptance by Cardinal Shareholders;
2. No material adverse change in relation to Cardinal; and
3. Other conditions customary for a transaction of this nature.
For further information in relation to the Shandong Gold Offer, please refer to Cardinal's Target's Statement and Shandong Gold's Bidder's Statement dated 11 August 2020.
Recommended Shandong Gold Takeover Bid
Cardinal's Board of Directors (in consultation with the Special Committee, its financial and legal advisors), continue to unanimously recommend that Cardinal shareholders:
- ACCEPT the Shandong Gold takeover offer (in the absence of a superior proposal); and
- REJECT the Nordgold Bid.
About Cardinal Resources Ltd
Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a West African gold exploration and development Company that holds interests in tenements within Ghana, West Africa.
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.
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