Titan MInerals making another attempt to take over Core Gold,
Here is a link to the Titan takeover circular.
investi.com.au
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Core Gold issued a response that shareholders should not take any action at present.
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CORE GOLD RECOMMENDS SHAREHOLDERS TAKE NO IMMEDIATE ACTION IN RESPONSE TO UNSOLICITED TAKEOVER BID BY TITAN MINERALS
coregoldinc.com
In particular note the satement by Core Gold :
"Strategic Review
On 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."
Notice all the plurals .... sounds like we have multiple interested parties coming to the table
with an assortment of potential scenarios that the full board of directors will have to consider.
Titan MInerals shares have little to no intrinsic value behind them, basically worthless pieces
of confetti paper.
The Titan offer immediately results in 690,879,131 outstanding shares of Titan Minerals, which
has little cash and would have to raise substantial amounts of money, meaninig incredibly more
dilution to follow, if Titan had any intention of developing Core Gold's highly prospective exploration
properties.
Consider the alternative March 2019 offer that Keith PIggott had negotiated with Zhaojin MIning,
a 20% equity stake in Core Gold at $0.45 per share and a further combination cash purchase and
committment to build a 2000 tpd mill for a 60% stake in Dynasty Goldfields. DIlution from the
Zhaojin offer would have seen about 200 million shares of Core Gold outstanding, with Core Gold
shares trading on the TSXV, and Core Gold would have been cashed up for work on their other
exploration projects, as well as having the money to pay off outstading debts and upgrade their
mill at Portovelo to 2000 tpd capacity.
We could have been there already, if it had not been for the misguided antics of the 4 directors
and CFO Sam Wong in attempting to ram the highly dilutive, unfair and unreasonable Titan plan
of arrangement down Core Gold shareholders' throats in the first place.
GLTA ! |
