RE:Hmmmmm ... Titan Minerals Halted in AustraliaRONNIE111
Some interesting thoughts you have posted ......
So, here we sit, waiting for some sort of conclusion to the Strategice Review Process, a process that saw several non-binding indications of interest, as well as the higjly dilutive Titan Minerals all (confetti) paper offer.
Titan announced a trading halt at the beginning of the week. The bidding period for the Core Gold Strategic Review Process finished at the end of October, and, assuming that all 5 Core Gold board members are now on the same page as far as bringing the best offer forward that can be negotiatied into a binding agreement, there has probably been, and possiblly still is occurring, quite a bit of "horse trading" going on as Core Gold attempts to negotiate the best possible offer with the numerous suitors mentioned in Core Gold's last couple of news releases.
Any of the lesser offers may have been given the opportunity to "sweeten" their bids to match
or beat whichever offer the company has concluded would be the best .... and once all the wheeling and dealing concluded, then a binding agreement would need to be negotiated
Titan MInerals would, no doubt, have been included in this process, and likely knows what it would take to have a chance to win the day.
Titan has stated that they would have an announcement prior to trading opening on the ASX on November 21, this evening in North America.
So what are the possibilities that Titan will announce ?
- An extension to the current halt.
- A report on the actual number of Core Gold shareholders who have tendered to their offer, or some clarification if Vertex One shares are actually "locked-up" (see page 19 of the Core Gold director's Circular ...
https://cloud.stockwatch.com/News/Sedardoc.pdf?docid=4409846 - An improvement to their current offer.
- An overall change in their offer to some sort of participation in the future of Core Gold ?
- Withdrawing their offer and wishing Core Gold shareholders the best.
- Withdrawing their offer and making some kind of an attempt to muddy the waters.
- An announcement about the status of the promissory notes .... noting that the TSXV has still not approved of all the amendments pertaining to the restructuring and the transfer of the US$1.5 million promissory note and the $1.0 million convertible promissory note from Vertex One.
- Announce yet another financing for Titan, noting that Titan is going to be at about A$2 million short of funds to pay off their already extended loan for US$3 million that they had to take out
to purchase the 9,151,363 shares Titan obtained in the March 2019 Core Gold financing. Recall Titan is using the Core Gold shares as collateral for that loan.
Something else ?
We're getting closer to a resolution.
Firmly believe that anyone buying at current price levels are going to do quite well.
GLTA