MM Asset Management Inc. Maintains Control Over Common Shares of Cardinal Resources Limited

TORONTO, June 19, 2020 /CNW/ - A take-over bid for all of the outstanding Shares of Cardinal Resources Limited ("Cardinal") was filed by Shandong Gold Mining Co, Ltd, with the Canadian securities regulatory authorities on June 18, 2020.

MMCAP International Inc. SPC ("MMCAP") is an investment fund advised by MM Asset Management Inc. ("MM Asset").

On June 19, 2020, MM Asset, on behalf of MMCAP, acquired control and direction over an aggregate of 24,860,401 common shares ("Common Shares") of Cardinal through the facilities of the Toronto Stock Exchange and Australian Stock Exchange after a take-over bid had been commenced for the common shares of Cardinal.

As of June 19, 2020, MM Asset, on behalf of MMCAP, exercised control and direction over 55,711,157 Common Shares, representing approximately 11.14% of the 500,024,522 issued and outstanding Common Shares as reported in Cardinal's Management's Discussion and Analysis dated May 14, 2020.

The securities were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over Cardinal.  Depending on market conditions and other factors, MM Asset, on behalf of MMCAP, may in the future increase or decrease its ownership, control or direction over securities of Cardinal through open market transactions, private agreements or otherwise. 

SOURCE MM Asset Management Inc.