trending Market Intelligence /marketintelligence/en/news-insights/trending/C5ZAgDQZRrN3FSUFwC5Mxw2 content esgSubNav
In This List

Titan Minerals, Core Gold enter exclusive takeover talks

Blog

Insight Weekly: Private equity slows; SPAC underwriters retreat; carbon capture boost

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Blog

Insight Weekly: US bank M&A; low refinancing eases rates impact; Texas crypto mining booms

Blog

Insight Weekly: US stocks hit grim milestone; top European banks tumble; TMT IPOs plunge


Titan Minerals, Core Gold enter exclusive takeover talks

Titan Minerals Ltd. and Core Gold Inc. agreed to enter into exclusive takeover talks over their previously announced merger, according to a March 11 news release.

The parties agreed to terminate a go-shop period in which Core Gold was permitted to solicit superior proposals and increase the break fee payable to Titan to C$3 million from C$500,000.

Titan's consent will also be required for any disposal of noncore assets by Core Gold and any private placement of Core Gold's shares over US$8 million.

Titan also agreed to purchase 9,151,363 shares of Core Gold on a private-placement basis at 44 Canadian cents per share for total proceeds of about US$3 million.

When the private placement is complete, expected by March 29, Titan will hold about 5.7% of Core Gold shares.

Core Gold intends to use the proceeds for expenditure related to repaying government payables, annual concessions payments and for general working capital purposes.