Cardinal gets an offer from Nordgold

Gold explorer Cardinal Resources has received an indicative non-binding takeover offer from shareholder Nord Gold, which valued the Australian company at A$227-million.

Nord Gold has more than 98.4-million shares in Cardinal, giving the company a 19.9% interest in the ASX-listed junior. The shareholding included more than 81-million shares acquired from a subsidiary of Gold Fields at a price of 45c a share.