Nordgold accepts Shandong's offer for Namdini A$ 1.075And Shandong loses TMAC"s Hope Bay project.
London, United Kingdom, 24 December 2020 – Further to Nord Gold S.E.’s (“Nordgold” or the “Company”) announcement on 21 December 2020 reminding Cardinal Resources Limited (“Cardinal”) shareholders of the timetable for its on market offer for Cardinal, Nordgold now confirms that its offer closed at the close of trading on the ASX on Wednesday 23 December 2020. Whilst Nordgold holds the Namdini project in the highest regard, the price currently intended to be offered by Shandong Gold of A$1.075 is beyond that at which Nordgold feels able to justify, taking into account the risks associated with mine development, entry into a new jurisdiction, and Nordgold’s required rate of return on new projects. Nordgold has therefore decided to accept Shandong Gold’s offer, and as a result is no longer Cardinal’s largest shareholder. Nikolai Zelenski, Nordgold Chief Executive Officer, commented: “The takeover offers for Cardinal have played out over an extended period, but ultimately resulted in a strong outcome for all shareholders, of which Nordgold has been the largest. Nordgold has a strong record of capital discipline and cash flow generation, having built three global mines, each on time and on budget. In the case of Cardinal, the competitive bidding and strong Australian dollar, have taken Nordgold to a very substantial profit on its investment, whilst allowing us to continue always to prioritise capital discipline and maximise value for our shareholders.” About Nordgold Nordgold is an internationally diversified gold producer, headquartered in the United Kingdom, with 10 operating assets across two continents, including Burkina Faso and Guinea in West Africa, and a portfolio of high quality projects in feasibility study and in advanced exploration stages. Nordgold is committed to running safe, efficient and profitable operations, which enable strong free cash flow generation and provide for continued investment in the Company’s pipeline of growth opportunities. In 2019, Nordgold produced in excess of one million ounces of gold. For further information on Nordgold please visit the Company’s website: www.Nordgold.com Advisers Bacchus Capital acts as exclusive financial adviser to Nordgold, and DLA Piper is acting as legal adviser. Taylor Collison is acting as broker to the offer.