- 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 a declared Indicated Mineral Resource of 120 Mt @ 1.1 g/t for 4.3 Moz Au and an Inferred Mineral Resource of 84 Mt @ 1.2 g/t for 3.1 Moz (refer to Cardinal “Technical Report on Namdini” dated 11 September 2017). The Company is focused on the development of the Namdini Project through a resource expansion drilling programme and continues to advance the PEA / Scoping Study which is now due for release in Q1 2018. In parallel, a pre-feasibility study is progressing supported by additional multi-disciplinary engineering activities. Exploration activity is also underway on its large portfolio of regional exploration Licenses.
For more information on the Company, Investors should review the Company’s filings that are available at http://www.sedar.com
Cardinal Resources Ltd