Titan Minerals will be shifting its focus to South America following its successful bid for Canadian gold mining company Core Gold.
Core Gold has accepted Titan’s offer to acquire all its issued and outstanding common shares, representing 56.7 per cent of issued and outstanding Core shares that Titan will own.
This comes shortly after the British Columbia Securities Commission (BCSC) panel dismissed a complaint from two Core shareholders regarding Titan’s takeover offer.
The shareholders requested the BCSC for Titan to extend its takeover offer for an additional 60 days following January 14, but this was denied by BCSC.
The BCSC will issue its reasons for dismissal at a later date.
“Titan have now met all conditions precedent in our bid for Core Gold,” Titan managing director Laurence Marsland said.
“I, along with Titan management and staff are extremely pleased our bid has been successful and look forward to welcoming our new shareholders on board.
“With well over 50 per cent of outstanding securities now tendered, we will take up and pay for the shares so far taken up as soon as possible.”
Titan plans to take advantage of Core’s large existing portfolio in Ecuador and create an emerging Latin America-focussed gold exploration, development and production company.
The acquiring company already operates a copper and gold business in southern Peru, and will now gain access to Core Gold’s Zaruma underground mine in the Zaruma-Portovelo mining district of southern Ecuador.
Core Gold is the largest gold producer in Ecuador and has been operating at Zaruma since 2003.