Take No Action - Increased On-Market Takeover Bid by Nord
Perth, Oct 21, 2020 AEST (ABN Newswire) - Cardinal Resources Limited (ASX:CDV) (C3L:FRA) (CRDNF:OTCMKTS) (TSE:CDV) refers to the third 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 (Nordgold Takeover Bid).
Cardinal notes that Nordgold has made a higher competing offer by increasing the Offer Price of the Nordgold Takeover Bid to A$1.00 cash per share (previously A$0.90 cash per share)
Cardinal is currently considering the implications of the increased Nordgold Takeover Bid in consultation with its advisors and having regard to the provisions of the Bid Implementation Agreement with Shandong Gold.
Shareholders are advised to TAKE NO ACTION at this time.
Cardinal expects to provide a further update to shareholders as soon as possible.
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 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.