Take No Action-Increased On-Market Takeover Bid By Nord Gold
Cardinal notes that Nordgold have increased the Offer Price in respect of their takeover bid from A$0.66 to A$0.90 cash per share (Revised Nordgold Takeover Bid).
While the A$0.90 cash per share offered by Nordgold pursuant to the Revised Nordgold Takeover Bid is higher than the offer made by Shandong Gold Mining Co., Ltd. (Shandong Gold) pursuant to its off-market takeover bid, Cardinal notes that it has obligations under the Bid Implementation Agreement (as varied) with Shandong Gold and Shandong Gold Mining Co., Ltd.
Having regard to the provisions of the Bid Implementation Agreement (which contain, amongst other matters, matching rights in favour of Shandong Gold) 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.
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