Directors Accept Shandong Gold Takeover Offer
Perth, Sep 15, 2020 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) (C3L:FRA) (CRDNF:OTCMKTS) (TSE:CDV) advises that in accordance with their publicly stated acceptance intention, the Cardinal Directors who collectively hold approximately 6.07% of Cardinal's ordinary shares (Cardinal Shares) have each instructed their broker / controlling participant to initiate acceptance of the off-market takeover offer by Shandong Gold Mining (HongKong) Co., Ltd ("Shandong Gold Offer") 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. 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 (as supplemented).
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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