PERTH (miningweekly.com) – The shareholders of TSX-V-listed Core Gold are expected to vote on June 12 on the C$72-million merger proposed by ASX-listed Titan Minerals.
Under the merger agreement struck earlier this year, each Core shareholder will receive 20 fully paid ordinary shares in Titan, for every one Core share held. The Core option and warrant holders would receive options in Titan on comparable terms.
The implied offer price represented a 44.7% premium to Core’s closing price on the TSX-V on February 22, of C$0.31 a share, and a 53.8% premium to the 20-day volume-weighted average price of Core’s shares on the TSX-V.
Titan on Tuesday told shareholders that subject to the merger becoming effective, Laurence Marsland would be appointed as MD and CEO of the enlarged Titan.
Marsland is presently a director of Toro Gold, and has previously spent a number of years in both Australia and the US with Minproc, before joining Laguna Gold Company, where he was CEO, president and a director of the company. He was previously also executive VP and COO of Dundee Precious Metals before founding a private company to pursue resource development opportunities.
He holds a Bachelor of Applied Science in Mechanical Engineering and is a graduate of the Stanford Sloan Fellows Programme.