Core Gold Recommends Shareholders Take No Immediate Action in Response to Unsolicited Takeover Bid by Titan Minerals
October 01 2019 - 11:40AM
Core Gold Inc. ("
Core Gold" or the
"
Company") (TSX-V: CGLD, OTCQX: CGLDF) is today
acknowledging that it has received from Titan Minerals Limited
("
Titan") an unsolicited offer to acquire all of
the issued and outstanding Core Gold common shares that it does not
own for consideration of 2.5 Titan ordinary shares for each 1 (one)
Core Gold common share (the "
Titan Offer").
Take No ActionCore Gold
shareholders are advised to take no action until
the Core Gold board of directors (the "Board") has
made a formal recommendation to shareholders. The Titan Offer will
remain open for a minimum of 105 days, allowing Core Gold
shareholders until January 14, 2020 to deposit Core Gold common
shares to the Titan Offer.
Having received the formal Titan Offer, the Board
will carefully evaluate the terms and conditions of the unsolicited
Titan Offer with the assistance of its advisors. Shareholders will
be notified of any recommendation through a news release and
Directors' Circular in accordance with applicable securities
laws.
Strategic ReviewOn September 17,
2019, Core Gold provided an update on its strategic review process
of alternatives available to the Company, including equity or debt
financings, core and non-core asset sales, strategic investments
and joint ventures, as well as a potential merger of Core Gold with
another company. The Company has requested that parties involved in
the process formally express their interest in a transaction by not
later than mid-October 2019. The Company remains committed to
continuing its strategic review process.
About Core Gold Inc.
The Company is a Canadian based mining company
involved in the mining, exploration and development of mineral
properties in Ecuador. The Company is currently focused on gold
production at its wholly-owned Dynasty Goldfield Project. Mineral
is treated at the Company's wholly-owned Portovelo treatment plant.
The Company also owns other significant gold exploration projects
including the Linderos and Copper Duke area in southern Ecuador all
of which are on the main Peruvian Andean gold-copper belt extending
into Ecuador.
For further information please
contact:
Mr. Mark Bailey, CEO, DirectorSuite 1201 – 1166
Alberni StreetVancouver, B.C. V6E 3Z3Phone: +1 (604)
345-4822Email: info@coregoldinc.com
Shareholders with questions can contact Core Gold’s
information agent:Laurel Hill Advisory GroupNorth American Toll
Free: 1-877-452-7184Collect Outside North America:
416-304-0211Email: assistance@laurelhill.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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