Cardinal Resources Ltd’s preferred take-over offer from Shandong has taken another step to realisation with FIRB approval granted for the 70c/share deal.
Nordgold S.E. is the other bidder for Cardinal, however, the latter remains steadfast in its advice to shareholders that the Shandong offer be accepted.
Now, the transaction close remains subject to 50.1% acceptance from Cardinal shareholders plus other conditions.
For more on Cardinal and other West African gold stories see the September edition of Australia’s Paydir out now!