19-June-2020:  Recommended All-Cash Takeover Offer of CDV by Shandong

Cardinal Resources Limited (CDV) is a mineral exploration company focused on gold exploration and development of assets in Ghana, West Africa. CDV projects include: Bolgatanga and Namdini projects.

Today's announcement:

Recommended All-Cash Takeover Offer of Cardinal Resources by Shandong Gold

Highlights

• 100% cash takeover offer from Shandong Gold Mining (Hong Kong) Co, Ltd (a subsidiary of Shandong Gold Mining Co, Ltd) (“Shandong Gold”) at a price of A$0.60 per Cardinal share (“Shandong Gold Offer”)
• Attractive cash premium to Cardinal’s recent trading:
  • Offer price represents a 75.5% premium to Cardinal’s 20-day unaffected volume weighted average price, and a 39.3% premium to Cardinal’s 20-day volume weighted average price up to 18 June 2020
  • Offers a 31.1% premium to the Nord Gold SE indicative proposal of A$0.45775 on 16 March 2020
• Proposed implementation by way of an off-market takeover offer with a 50.1% minimum acceptance condition
• Interim funding package agreed with Shandong Gold via a placement of shares to raise $11.96 million
• The Board of Cardinal unanimously recommends the Shandong Gold Offer in the absence of a superior proposal

--- click on link above for more of this announcement ---

Disclosure:  I don't hold any CDV shares.