Cardinal Takeover Offers Update
The bidder's statement for the E&P Takeover Bid is stated to be conditional upon 50.1% minimum acceptance by Cardinal's shareholders, regulatory approvals (including Foreign Investment Review Board approval in Australia and approvals in Ghana by the relevant Authorities), no material adverse change in relation to Cardinal and other conditions customary for a transaction of this nature.
Having regard to the unsolicited nature of the E&P Takeover Bid, Shareholders are advised to TAKE NO ACTION at this time in relation to the E&P Takeover Bid while it is considered by Cardinal and its advisers.
Cardinal notes that throughout the first half of 2020, it was engaged in a strategic process1 and engaged with, and received, a number of early stage proposals from a number of different parties (including, an early stage asset level proposal that was expressed to be subject to contract from Engineers & Planners Co. Ltd.).
Cardinal will provide an update to shareholders as soon as it is able. Cardinal's joint financial advisers are Maxit Capital LP, BMO Capital Markets, Euroz Hartleys Limited and Canaccord Genuity Corp. Cardinal's legal advisers 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.
Cardinal Resources Ltd