The fight for Cardinal Resources ownership is nearing a conclusion after all of the company’s directors accepted Shandong Gold Mining’s takeover bid.
The news came a day after Shandong Gold extended its offer period for Cardinal to January 19, urging all remaining shareholders to accept the offer.
Shandong Gold is offering $1.075 for every Cardinal share, which will be dispatched to Cardinal shareholders within three business days of their acceptance.
Shandong has progressively secured its interest in Cardinal, from nearly 13 per cent to 65.55 per cent within the last month to 82.56 per cent as of two days ago (January 11).
It has beaten fellow bidders in acquiring a 100 per cent interest in Cardinal, including Nordgold, Engineers & Planners Company and Dongshan Investments.
Cardinal chief executive Archie Koimtsidis said in June last year that Shandong would be committed to developing its Namdini gold project in Ghana, Africa.
Namdini lies within the Nangodi Greenstone Belt, which hosts significant gold mineralisation in Ghana and Burkina Faso.
The project covers more than 19 square kilometres of tenements and is undergoing studies for the design of the mine, infrastructure and tailings storage facility.
Shandong is the largest gold producer in China and has assets in Argentina, South America.