PERTH (miningweekly.com) – At the close of its takeover offer for TSX-V-listed Core Gold, Australia’s Titan Minerals had acquired a 90.55% interest in the Canadian junior.
Titan in September last year launched a takeover offer for 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.
At the expiry of the takeover offer on February 7, Titan had acquired more than 142.82-million Core shares, representing 90.55% of the issued and outstanding Core shares.
“Titan’s offer for Core Gold has been overwhelmingly welcomed by Core Gold shareholders, and now paves the way for the combined company to accelerate its gold exploration, development and production plans in Ecuador and Peru,” said Titan MD Laurence Marsland.
Having acquired more than a 66% interest in Core, Titan will now take steps to acquire all of the remaining outstanding shares in the takeover company, and will work alongside the Core exploration team to combine exploration targets and finalise the overall development strategy for the combined projects.