- Titan Minerals intends to make a formal offer to purchase all of the issued and outstanding common shares of Core Gold
- This acquisition will make Titan into an emerging Latin America gold explorer, developer and producer
- Titan will provide holders of Core Gold Shares with 2.5 Titan Shares for each Core Gold Share
- Titan has secured all of Core Gold’s secured debts, worth US$2.5 million
Titan Minerals intends to make a formal offer to purchase all of the issued and outstanding common shares of Core Gold.
This acquisition will make Titan into an emerging Latin America gold explorer, developer and producer with projects in Ecuador and Peru.
The Offer will be made for all of the issued and outstanding Core Gold Shares that Titan does not own and will provide holders of Core Gold Shares with 2.5 Titan Shares for each Core Gold Share.
Titan has secured all of Core Gold’s secured debts which were US$2.5 million to ensure the long term success of the Core Gold’s assets.
Core Gold is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador.
Core Gold is currently focused on gold production at its wholly-owned Dynasty Goldfield mining unit and continued development at its underground Zaruma mine.
Titan Minerals is a gold and copper explorer and the owner and operator of a gold treatment business in Southern Peru.
Titan Managing Director Laurence Marsland said he is looking forward on launching its offer within the next two weeks.
“Titan intends to make this Offer as we strongly believe the enlarged group will draw on the best physical and human resources of both Titan and Core Gold to create an emerging Latin American focused gold explorer,” he said.
The company believes that the deal will benefit both companies.
“We believe that the financial and strategic rationale for a combination with Core Gold is compelling and that the transaction is in the best interests of both Titan Minerals and Core Gold shareholders,” Laurence said.
Titans shares remain steady selling at 20¢ apiece at 3:24 pm AEST.