Cardinal Resources attracts competing suitor

Gold & Silver

After Cardinal Resources started assessing a bid from Shandong Gold Mining, Nord Gold SE launched an unconditional on‐market takeover offer for Cardinal at $0.66 cash per share.

Cardinal said Nord Gold’s bid “…will need to be considered in detail by the board, together with the special purpose committee and its financial and legal advisers. Cardinal will provide an update to shareholders as soon as it is able.”

Cardinal Resources Limited (TSX: CDV) is a West African gold‐focused exploration and development company that holds interests in tenements within Ghana, West Africa.

Shandong Gold, which in April agreed to splash out C$230 million ($170 million) on Canada’s TMAC Resources (TMR.TO), said in a filing to the Shanghai Stock Exchange it had signed an agreement with Australia-listed Cardinal to pay A$0.60 per share and would acquire all the target’s equity for AS$309 million.

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