China’s Shandong Gold Mining has moved to buy another gold junior, with ASX- and TSX-listed Cardinal Resources on Thursday announcing that it had entered into a bid implementation agreement with the Chinese miner.
Shandong has agreed to buy Australia-headquartered Cardinal Resources, which operates in Ghana, for A$0.60 a share in cash, beating the preliminary proposal announced by Nord Gold on March 16 of A$0.45775 a share. Cardinal CEO and MD Archie Koimtsidis said that the board had negotiated a strong offer, which would deliver significant premium to its market price.