TORONTO, Nov. 27, 2017 /CNW/ - Corporate International Holdings B.V. ("CIH"), an indirect wholly-owned subsidiary of Gold Fields Limited (collectively with CIH, "Gold Fields"), announces that on November 21, 2017 it purchased 3,676,900 ordinary shares ("Ordinary Shares") of Cardinal Resources Limited ("Cardinal") at a price of C$0.65 per Ordinary Share, for total consideration of C$2,389,985. Such Ordinary Shares were purchased in connection with a public offering of Ordinary Shares in Canada conducted through a syndicate of underwriters (the "Offering") and represent approximately 1.0% of the outstanding Ordinary Shares upon completion of the Offering.
Immediately prior to the completion of the Offering, CIH owned 39,141,282 Ordinary Shares, representing approximately 11.1% of the outstanding Ordinary Shares, and 38,220,051 options listed on the Australian Securities Exchange ("Listed Options"). If CIH were to have exercised at such time all its Listed Options, and assuming no other new issuances of Ordinary Shares at or prior to such time, CIH would have owned an aggregate of 77,361,333 Ordinary Shares, representing approximately 19.8% of the then outstanding Ordinary Shares.
Following the Offering, CIH owns 42,818,182 Ordinary Shares, representing approximately 11.5% of the outstanding Ordinary Shares, and 38,220,051 Listed Options. If CIH were to exercise all its Listed Options, and assuming no other new issuances of Ordinary Shares at or prior to such time, CIH would own an aggregate of 81,038,233 Ordinary Shares, representing approximately 19.8% of the then outstanding Ordinary Shares.
Gold Fields acquired these additional Ordinary Shares for investment purposes in order to maintain its approximate ownership percentage of the Ordinary Shares in light of the Offering. Gold Fields will continue to monitor the business, prospects, financial condition and potential capital requirements of Cardinal. Depending on its evaluation of these and other factors, Gold Fields may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Ordinary Shares, Listed Options or other securities of Cardinal through market transactions, private agreements, subscriptions from treasury or otherwise.