The shares will be issued using the Company's 15% capacity under ASX Listing Rule 7.1.
The funds raised will be applied primarily to fund further RC and diamond drilling at the Company's Namdini Gold Project in Ghana, West Africa, exploration of the Company's other Ghanaian properties, provide capital for any potential payments in relation to acquiring tenements located adjacent to the Namdini Gold Project, technical studies in respect of the Namdini Gold Project, and for working capital.
A further announcement will be made by Cardinal upon completion of the Placement bookbuild, upon which the Company will come out of a trading halt.
Cardinal has engaged Hartleys Limited ("Hartleys") as Global Lead Manager and Sole Lead Bookrunner and Clarus Securities Inc. ("Clarus") as Lead Manager - North America and Canada to the Offer.
About Cardinal Resources Ltd
The Company’s Namdini Project has a declared 4Moz Maiden Gold Resource which is open. The Company is focused on the development of the Namdini project through a resource expansion drilling programme, prefeasibility studies, detailed metallurgical test work and process flowsheet studies. Exploration activity is also underway on the Company’s Bolgatanga and Subranum Projects.
Cardinal Resources Ltd