Capital Raising Completed
- High demand - >$70m bid for the $15m offering
- Currently four rigs operating 24/7 continue to define the Namdini gold system
- Targeting the completion of a Pre-Feasibility Study late Q3 2017
The proceeds of the Placement 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.
Cardinal's MD / CEO, Archie Koimtsidis said:
"We have many work streams running in parallel that will provide strong news flow throughout 2017 including; drill results, a second and final phase of metallurgical test work across the entire orebody as well as permitting and approvals processes. In addition, we are pleased to be commencing exploration at some of our promising regional gold targets in Ghana.
"We have never been busier at Cardinal than we are right now, which will culminate in the Company delivering the findings of a Pre-Feasibility Study in late Q3 2017".
Cardinal engaged Hartleys Limited (Australia) as Global Lead Manager and Sole Lead Bookrunner and Clarus Securities Inc. (Canada) as Lead Manager - North America and Canada to the Placement.
About Cardinal Resources Ltd
The Company's Namdini Project has an Indicated Mineral Resource of 6.5Moz of gold contained in 180Mt at 1.1 g/t Au at a cut-off of 0.5g/t Au and an Inferred Mineral Resource of 0.5Moz of gold contained in 13Mt @ 1.2 g/t Au at a cut off of 0.5 g/t Au.
The Company is focused on the development of the Namdini Project through advancing the Pre-Feasiblity study, supported by additional multi-disciplinary engineering activities.
Exploration programmes are also continuing at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal Resources Ltd