Shandong Gold Mining’s takeover of West African goldd-focused exploration and development Company Cardinal Resources is near completion.
The offer closed on January 19 and the bidder now has a relevant interest in 95.62% of all Cardinal shares.
Shandong intends to compulsorily acquire all remaining Cardinal Shares that it does not hold. Compulsory acquisition notices and related correspondence will be dispatched to all remaining Cardinal shareholders.
In accordance with ASX Listing rules, Cardinal’s shares will be suspended five business days after the date of the Notice, being February 3.
Once suspended, the ASX will remove Cardinal from the official list at the close of trading on a date to be determined.
Cardinal Respources holds interests in tenements within Ghana, West Africa. The Company is focused on the development of the Namdini Gold Project and released its Feasibility Study on October 28, 2019.