Titan takes a second stab at Core
PERTH (miningweekly.com) – ASX-listed Titan Minerals on Monday unveiled plans to make a second bid for TSX-V listed Core Gold.
The two companies in July this year called off an initial merger agreement after the British Columbia Supreme Court declined to approve the deal, under which Titan would have issued Core shareholders 20 new Titan shares for every one Core share held, valuing the takeover target at C$72-million.
Under the new deal, Titan was offering 2.5 fully paid ordinary shares for each Core share held, valuing the company’s shares at 42.2c each, a 164% premium to its closing price on September 13.
The new deal valued Core at C$70.4-million.
Titan has also acquired some $2.5-million of Core’s secured debt, in order to ensure the long-term success of the company’s assets, which include the Dynasty Goldfield mine, the Zaruma mine and Portovelo mill, in Ecuador.
Titan MD Laurence Marsland on Monday said that the company intended to make the takeover offer for Core, as it strongly believed the enlarged group would draw on the best physical and human resources of both Titan and Core Gold to create an emerging Latin America-focused gold explorer, developer and producer, with a large portfolio in Ecuador and Peru, as well as a substantially stronger balance sheet.
“We believe that the financial and strategic rationale for a combination with Core Gold is compelling, and that the transaction is in the best interest of both Titan Minerals and Core Gold shareholders.
The new offer will be subject to a number of conditions, including a 50.1% acceptance condition, and shareholder and regulatory approvals.
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