Titan Minerals trading halt now extended to November 25:
investi.com.au
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ASX ANNOUNCEMENT
21 November 2019
Ms Jessica Coupe Adviser,
Listings Compliance (Perth)
Australian Securities Exchange Limited
Level 40, Central Park
152 – 158 St Georges
Terrace PERTH WA 6000
By email: Jessica.coupe@asx.com.au
REQUEST FOR VOLUNTARY SUSPENSION
Titan Minerals Limited (“Titan” or “the Company”) refers to the trading halt
granted to the Company on 18 November 2019.
Pursuant to ASX Listing Rule 17.2, the Company requests that trading in the Company’s
securities be suspended from the commencement of trading on 21 November 2019.
The Company makes this request pending the release of an announcement in relation
to the Company’s takeover bid for Core Gold Inc. ("Announcement").
It is expected that the suspension will last until Monday, 25 November 2019 or the Company
releasing the Announcement, whichever occurs earlier.
The Company is not aware of any reasons why the voluntary suspension should not be granted.
Yours sincerely,
Zane Lewis
Company Secretary
Titan Minerals Limited
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Just my opinion ..... speculation .... We must be getting close to Core Gold getting a deal firmed up.
Titan might have expected a news release from Core Gold by today, as Titan would have been included
in any talks / negotiations that have occurred after the bidding period closed at the end of October.
Titan probably knows what it would take for them to win the day, and have realised they aren't in
contention. So, halt their stock from trading, keep their share price at A$0.18 to establish their "offer"
of 2.5 Titan shares for every Core Gold share, maintaining a value of about C$0.42 as a minimum
offer to beat. Titan owns 9,151,363 shares of Core Gold already, and they hold the US$1 million
convertible promissory note, even though the TSXV has yet to approve of the reduction of the
conversion price from C$0.30 down to C$0.18. Still not sure what the status of the US$1.5 million
promissory note is, as the TSXV has not approved of any of the restructuring amendments of either
note. The $1.0 million note was always assignable to a third party, but according to information
obtained at the AGM, the US$1.5 millionnote was not assignable without prior approval
Makes sense that with "several non-binding indications of interest" already known by October 15,
there should be a clear lead offer that any lesser deals would have to sweeten their own bid to
compete with whatever the best offer is. Only concern is, can the Core Gold board get the best
offer firmed up into a binding agreement in the near term ?
GLTA |
