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Titan Minerals announced that it will purchase all of the issued and outstanding common shares of Core Gold.
Titan Minerals (ASX:TTM,OTC Pink:TTTNF) announced that it will purchase all of the issued and outstanding common shares of Core Gold (TSXV:CGLD) to create an emerging Latin American focused gold explorer, developer and producer, with a large portfolio in Ecuador and Peru.
Highlights are as follows:
- Titan meets minimum tender condition to Core gold offer with 54.2 percent of Core
shares now tendered by offer expiry.
- Titan to take up shares tendered to date and pay for the shares taken up.
- Titan has extended the period Core shareholders have to tender their shares under the offer until 9:00 a.m. (Toronto time) on January 27, 2020.
- All conditions of the offer have now been met with Titan shareholders approving.
- Core share Issue at a general meeting held on January 13, 2020.
- In addition, at a general meeting held on the January 13, 2020, the vast majority of Titan shareholders approved the issue of core offer shares, ratification of the C$3.5 million placement and approval for the issue of underwritten placement shares.
- British Columbia Securities Commission (BCSC) dismisses application alleging misrepresentations in Titan’s bid for Core.
Laurence Marsland, managing director, commented:
By achieving the minimum tender condition and receiving shareholder approval for the issue of core offer shares, Titan have now met all conditions precedent in our bid for Core Gold.
With well over 50 percent of outstanding securities now tendered, we will take up and pay for the shares so far taken up as soon as possible and have extended the period shareholders have to tender their shares under the offer until 27 January.
I, along with Titan management and staff, are extremely pleased our bid for Core Gold has been successful and look forward to welcoming our new shareholders on board.