Titan Minerals Ltd. said Dec. 9 that it raised its all-share takeover bid for Core Gold Inc., valuing each share of the target at 52.3 Canadian cents per share.

That is a 24% increase over the previous offer, made in September, of 2.5 Titan shares for each Core share held, which valued the latter at 42.2 cents per share.

Aside from Titan's existing 5.5% stake, about 45.8% of Core shareholders have entered into lock-up arrangements to accept the increased offer.

Titan is proposing to undertake an equity capital raising to raise about A$3.5 million and will look to secure a further US$10 million via a credit facility or other borrowing structure before completion of the increased offer.