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Titan's Core Gold takeover meets minimum conditions; 54.2% shares tendered

Core Gold Inc. shareholders tendered 54.2% of the company's shares to Titan Minerals Ltd., meeting the minimum tender condition of the improved takeover offer.

All conditions of the offer, which expired Jan. 14, are now met and Titan will own a 56.7% interest in Core Gold following take up of the tendered shares.

Titan said Jan. 14 that it extended the period Core shareholders have to tender their shares to Jan. 27.

Meanwhile, the British Columbia Securities Commission dismissed a complaint filed by two Core Gold shareholders, Keith Piggott and Strategic Resource Capital Fund LP, who alleged a number of misrepresentations in the materials filed by Titan in its bid.

The shareholders had asked the commission to force Titan to issue an amended takeover circular and require Titan to extend its offer for an additional 60 days after the Jan. 14 expiry.