Take No Action – Increased On-Market Takeover Bid By Nord Gold SE

TORONTO, Sept. 02, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX / TSX: CDV) (“Cardinal” or “the Company”) refers to the first supplementary bidder’s statement from Nord Gold SE (Nordgold) announced on the ASX Market Announcements Platform this morning in respect of its unconditional on-market takeover bid for Cardinal. 
Cardinal notes that Nordgold have increased the Offer Price in respect of their takeover bid from A$0.66 to A$0.90 cash per share (Revised Nordgold Takeover Bid). While the A$0.90 cash per share offered by Nordgold pursuant to the Revised Nordgold Takeover Bid is higher than the offer made by Shandong Gold Mining Co., Ltd. (Shandong Gold) pursuant to its off-market takeover bid, Cardinal notes that it has obligations under the Bid Implementation Agreement (as varied) with Shandong Gold and Shandong Gold Mining Co., Ltd.Having regard to the provisions of the Bid Implementation Agreement (which contain, amongst other matters, matching rights in favour of Shandong Gold) Shareholders are advised to TAKE NO ACTION at this time in relation to the Revised Nordgold Takeover Bid.Cardinal will provide a further update to shareholders as soon as it is able.Cardinal’s joint financial advisors are Maxit Capital LP (Nth America), Hartleys Limited (Australia), Cannacord Genuity Corp. and BMO Capital Markets and its legal advisors are HopgoodGanim Lawyers (Australia) and Bennett Jones LLP (Canada).ABOUT CARDINALCardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused exploration and development Company that holds interests in tenements within Ghana, West Africa.The Company is focused on the development of the Namdini Gold Project and released its Feasibility Study on 28 October 2019.  Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of April 3, 2019.  All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.*The Namdini Project has a published gold Ore Reserve of 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut-off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut-off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut-off).Authorised for release by the Board of Cardinal Resources Limited.For further information contact:Competent / Qualified Person Statement

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