Titan Minerals Limited’s (ASX: TTM) goal of creating an emerging Latin American focused gold explorer has achieved a major milestone, with the company securing 90.55% of the issued and outstanding shares of takeover target Core Gold Inc.
At the expiry deadline of the Core Gold Offer period the Australian company had received a total of 142,827,248 shares in the TSX listed owner of properties in Ecuador.
There will be no further extensions to the Offer and all of the conditions of the Offer have been satisfied or waived by Titan.
Titan Managing Director Laurence Marsland said that once the company has taken up additional Core Shares tendered, Titan will own 91.07% of the issued and outstanding Core Shares, which includes the Core Shares held by Titan prior to the commencement of the Offer.
Titan’s offer for Core Gold has been overwhelmingly welcomed by Core Gold shareholders, and now paves the way for the combined company to accelerate its gold exploration, development and production plans in Ecuador and Peru,” Mr Marsland said.
“I welcome our new shareholders and look forward to updating the market on our strategy to unlock value of these combined assets.
“Titan is continuously evaluating projects within Peru for acquisition or joint venture to both provide additional, low cost gold and silver mineralised material feed for existing processing facilities and opportunities for processing growth and expansion.
“In addition, Titan shall also continue to evaluate projects elsewhere in gold, copper and other commodities to grow shareholder value.”
Canadian based Core Gold is involved in the mining, exploration and development of mineral properties in Ecuador.
The company is currently focused on gold production at its wholly-owned Dynasty Goldfield mining unit and continued development at its underground Zaruma mine.
Mineral is treated at the Company’s wholly-owned Portovelo treatment plant close to the Zaruma mine operations.
The company also owns other significant gold exploration projects including the Linderos and Copper Duke projects in southern Ecuador all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador.