The directors of West African gold‐focused exploration and development company Cardinal Resources Limited (ASX/TSX: CDV) have agreed to accept the takeover offer of China’s Shandong Gold Mining (Hong Kong) Co., Ltd.
The Cardinal directors, who collectively hold approximately 6.07% of the company’s ordinary shares have each instructed their broker / controlling participant to initiate acceptance of the off‐market takeover offer by Shandong in respect of all of the Cardinal Shares they own or control.
The Shandong Gold Offer remains subject to a number of standard market conditions for a transaction of this nature (including primarily, 50.1% minimum acceptance by Cardinal Shareholders) as set out in the in the Bidder’s Statement.
Cardinal Resources focus is on the development of the Namdini Gold Project in Ghana for which it released a Feasibility Study in October 2019. 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).
