Corporate International Holdings B.V., an indirect 100% owned subsidiary unit of Gold Fields Ltd (NYSE:GFI) reported that on November 21, 2017 it bought around 3.67 million ordinary shares of Cardinal Resources Limited at a price of C$0.65 an Ordinary Share, for total sum of around C$2.389 million. Such Ordinary Shares were bought in relation with a public offering in Canada performed through a syndicate of underwriters and represent around 1% of the outstanding Ordinary Shares upon close of the Offering.
Immediately prior to the offering completion, Corporate International Holdings owned around 39.141 million Ordinary Shares, representing around 11.1% of the due Ordinary Shares, and nearly 38.220 million options trading on the Australian Securities Exchange. If Gold Fields subsidiary were to have used all its listed Options, and considering no other new releases of Ordinary Shares prior to or at such time, CIH would have hold a total of around 77.361 million Ordinary Shares, exhibiting around 19.8% of the then due Ordinary Shares.
Post the Offering, CIH owns around 42.818 million Ordinary Shares, showcasing around 11.5% of the due Ordinary Shares, and nearly 38.22 million Listed Options. If Gold Fields subsidiary were to use all its Listed Options, and considering no other new releases of Ordinary Shares prior to or at such time, CIH would have a total of around 81.03 million Ordinary Shares, exhibiting around 19.8% of the then due Ordinary Shares.
Gold Fields bought these additional Ordinary Shares for the purpose of investment in order to maintain its estimated stake percentage of the Ordinary Shares in purview of the Offering. The company will continue to track the prospects, financial condition, business and prospective capital requirements of Cardinal Resources.
Based on its assessment of these and other elements, the company may from time to time decrease or increase its indirect or direct ownership, direction or control over the Listed Options, Ordinary Shares or other securities of Cardinal Resources through private agreements, market transactions, subscriptions from treasury or otherwise, in the future.