PERTH (miningweekly.com) – ASX-listed Titan Minerals’ offer for TSX-V-listed Core Gold has gained momentum after the company earlier this month satisfied or waived the conditions.
Titan on Tuesday reported that Core Gold shareholders have tendered around 82.34% of the outstanding shares in the takeover target, and upon take-up of the deposited Core shares, Titan will hold an 83.31% interest in the company, including its original 5.48% stake.
Titan in September last year launched a takeover offer for the TSX-listed Core Gold, offering its shareholders 2.5 fully paid titan shares for each Core share held, valuing the Canadian takeover target’s shares at 42.2c each.
The Australian company subsequently increased its offer to 3.1 Titan shares for each Core share held, valuing Core Gold at 52.3c each.
The takeover offer has been extended until February 7, giving the remaining Core shareholders the opportunity to accept the bid.