The Strategic Review has resulted in several non-binding indications of interest. At the date hereof 17 parties have signed confidentiality agreements with Core in order to conduct due diligence activities. Nine parties have requested or conducted site visits. The Board of Directors considers that the continuation of the Strategic Review process and, in particular, providing sufficient time to interested parties to complete their due diligence activities and for the Board of Directors to evaluate their level of interest, is vital to identifying the transaction that is in Core Gold's best interests. Once more, pay no attention to the new ID's that have appeared on this forum since the date
of Titan Minerals new attempt to steal the assets of our company for nothing more than confetti paper.
Shares of Titan Minerals are basically worthless, tangible assets backing their shares is
maybe worth AUS$0.05 each, but brings with their shares the potential liabilities of up to
$45 million in environmental clean up costs in and around the Tulin Plant in Peru.
At least this time around, most, or all, of the directors of Core Gold have heard the concerns
of the minority shareholders LOUD AND CLEAR.
If the current strategic review process and the selection of the best offer(s) is not fair,
open and transparent, there could be consequences.
Core Gold shareholders have a B.C Supreme Court ruling backing our concerns.
The TSXV continues to investigate the strange sequence of events surrounding the
transfer of the Vertex One promissory notes in August. The TSXV rescinded their initial
approval on September 13 .... it is now November 1 ..... . Something wrong perhaps ?
It would appear so.
All the shareholders have asked for is honesty this time around. No exclusivity periods, no blatant favouritism to one offer, as was exhibited with the Titan Minerals plan of arrangement
from September 2018 al the way through to the B.C. Supreme Court ruling in early July 2019.
The new ID's on this forum have repeatedly stated no decent offers have come forward.
How could these IDs know, unless they are being fed insider information by some miscreant
still working at our company ?
There are confidentility agreements in place, no offer(s) are going to be made public until
the bidding period was completed and the review process of the potential offers has been completed by ALL 5 DIRECTORS.
The other 4 directors appear to have listened, for the most part, and the AGM on October 8 2019 proved clearly that the other directors are now working together with Keith Piggott to
bring the best possible resolution for the company and its shareholders.
I believe the review of offers is now beginning, as CEO Mark Bailey stated at the AGM that
the bid period was being extended to the end of October to accomodate additional site visit requests from potential suitors
As noted at the beginning of this post :
https://www.coregoldinc.com/news-releases/2019/core-gold-announces-filing-and-mailing-of-directors-circular-in-response-to-the-unsolicited-takeover-bid-by-titan-minerals/ Reasons for the Board Not Making a Recommendation at this Time
The reasons why the Board of Directors is not making a recommendation to Core Shareholders to accept or reject the Titan Offer at this time are as follows:
- The Board of Directors is currently undertaking a strategic review process of alternatives available to Core Gold, including equity or debt financings, core and non-core asset sales, strategic investments and joint ventures, as well as a potential merger of Core Gold with another company (the "Strategic Review"). The Strategic Review has resulted in several non-binding indications of interest. At the date hereof 17 parties have signed confidentiality agreements with Core in order to conduct due diligence activities. Nine parties have requested or conducted site visits. The Board of Directors considers that the continuation of the Strategic Review process and, in particular, providing sufficient time to interested parties to complete their due diligence activities and for the Board of Directors to evaluate their level of interest, is vital to identifying the transaction that is in Core Gold's best interests.
- The timing of the Titan Offer is intended to pre-empt the Strategic Review process and is intended to force Core Shareholders to make determination on the Titan Offer without Core Gold having had the opportunity to fully canvas the market and other available opportunities.
- Titan was given the opportunity to participate in the Strategic Review process but declined.
- The Board of Directors can only fully assess the adequacy of the Titan Offer with the benefit of the results of the Strategic Review.
DO NOT TENDER TO THE TITAN MINERALS OFFER.
GLTA !