{"id":1156389,"date":"2019-12-18T16:32:27","date_gmt":"2019-12-18T22:32:27","guid":{"rendered":"https:\/\/www.mining.com\/?p=1009559"},"modified":"2019-12-18T16:32:27","modified_gmt":"2019-12-18T22:32:27","slug":"core-gold-turns-down-proposal-from-unnamed-gold-miner","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1156389","title":{"rendered":"Core Gold turns down proposal from unnamed gold miner"},"content":{"rendered":"<p>Vancouver-based Core Gold (TSXV: CGLD) <a aria-label=\"has provided updated details (opens in a new tab)\" href=\"https:\/\/www.coregoldinc.com\/news-releases\/2019\/core-gold-provides-update-on-its-strategic-process\/\"  rel=\"noreferrer noopener\">has provided the latest details<\/a> of its ongoing strategic process that resulted in five non-binding confidential proposals being made to the company, including one from an unnamed \u201csenior gold producer\u201d with a market capitalization of $4 billion.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The unnamed gold miner made an initial proposal back in September, which comprised, among other terms, a C$0.225 a share cash component, the creation of a new company for all Core Gold\u2019s projects in Ecuador other than Dynasty Goldfield, which would be spun out to Core Gold shareholders.<\/p>\n<p>Following due diligence and site visits made by the interested party, a final proposal was submitted last week, and the cash component was raised to C$0.33 a share. However, the newly created company would now only own the Copper Duke and Linderos projects, meaning that the suitor would acquire two more assets.<\/p>\n<p>After assessing both the initial and final proposals, Core Gold&#8217;s board of directors has unanimously rejected the interested party, stating that the proposals offer no material increase in overall value to Core Gold shareholders. <\/p>\n<p>The final proposal would give the interested party a 19.1% interest in the spinout company and in effect an interest in both the new company and Core Gold at the price of C$0.33 a share.<\/p>\n<p>Core Gold also noted that the spinout company would be undercapitalized, unlisted and have no project with defined mineral resources.<\/p>\n<p>Core Gold is currently subject to <a aria-label=\"an unsolicited offer (opens in a new tab)\" href=\"https:\/\/www.mining.com\/titan-minerals-core-gold-merge-create-latin-america-focused-company\/\"  rel=\"noreferrer noopener\">an unsolicited offer<\/a> from Australia\u2019s Titan Minerals, which did not partake in the strategic process despite being invited to.<\/p>\n<p>Last week, Titan announced that it will make an improved offer of 3.1 Titan shares for each Core Gold common share \u2013 up from the original offer of 2.5 Titan shares for every Core Gold share.<\/p>\n<p>Shares of Core Gold are down more than 10% at market close Wednesday. The Ecuador-focused gold miner has a market capitalization of C$29.4 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Core Gold are down more than 10% at market close Wednesday.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1156389"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1156389"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1156389\/revisions"}],"predecessor-version":[{"id":1156427,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1156389\/revisions\/1156427"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1156389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1156389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1156389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}