Troilus Gold advances project financing with additional LOIs for $500m
In May, the company produced a feasibility study that demonstrated the potential for Troilus to be amongst the largest gold producers in Canada.
Australia’s Titan Minerals (ASX: TTM) announced Wednesday that the company has been successful in its offer to purchase all issued and outstanding common shares of Vancouver-based Core Gold (TSXV: CGLD) to create an emerging Latin America-focused gold miner.
Last year, Titan launched a takeover bid for Core Gold, offering its shareholders 2.5 fully paid Titan shares for each Core Gold share held, valuing the Canadian takeover target’s shares at C$0.42 each. The Australian company later increased its offer to 3.1 shares, valuing Core Gold at C$0.52 per share.
At the end of its takeover offer period on January 14, approximately 85.52 million Core Gold shares (excluding those owned or controlled by Titan) — representing 54.2% of those issued and outstanding — were tendered to Titan under the terms of the offer. This would bring Titan’s total shareholding in Core Gold to 56.7%.
All of the conditions of the offer have now been satisfied or waived by Titan. The company says it will immediately take up the Core Gold shares that have been tendered to date and pay for the shares taken up as soon as possible.
Titan has also extended the deadline shareholders of Core Gold have to tender their shares under the offer to January 27.
Meanwhile, both companies have confirmed that the British Columbia Securities Commission had dismissed a complaint filed by two Core Gold shareholders alleging a number of misrepresentations in the materials filed by Titan as part of its takeover bid.
At mid-day Wednesday, Core Gold’s stock was down 3.7%. The company has a C$34.8 million market capitalization.
