Dongshan Investments Limited made an offer to acquire Cardinal Resources Limited (ASX:CDV) for approximately AUD 650 million on December 24, 2020. Under the terms of the transaction, the shares of Cardinal Resources will be acquired at a price of AUD 1.2 per share. The transaction is subject to a minimum tender being achieved of 50.1%, Cardinal providing Dongshan with due diligence information and Dongshan undertaking due diligence investigations in respect of Cardinal and the Namdini Project, approval from FIRB and other regulatory approvals and Dongshan Investments securing committed financing. Dongshan Investments' majority shareholder, Wahaj Commercial Investment - Sole Proprietorship L.L.C. has received confirmation from First Abu Dhabi Bank, U.A.E. of the availability of a credit facility of up to $300 million (AUD 394.92 million) for the purposes of supporting the offer, subject to First Abu Dhabi Bank's internal approvals and availability of limits. Cardinal Board is currently considering the offer with special purpose committee and shareholders are advised to take no action in respect to the proposal.

Maxit Capital LP, BMO Capital Markets, Euroz Hartleys Limited and Canaccord Genuity Corp. acted as financial advisors to Cardinal. HopgoodGanim and Bennett Jones LLP acted as legal advisors to Cardinal. PricewaterhouseCoopers Corporate Finance Inc. acted as financial advisor and PricewaterhouseCoopers Legal acted legal advisor to Dongshan.