Closes Bought Deal and Issues Cleansing Notice
Closes Bought Deal and Issues Cleansing Notice
Perth, Nov 22, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (ASX:CDV) (TSE:CDV) ("Cardinal" or the "Company") is pleased to announce that it has closed its previously announced public offering (the "Offering") of ordinary shares ("Shares") on a 'bought deal' basis with a syndicate of underwriters (the "Underwriters") led by Clarus Securities Inc. An aggregate of 18,461,600 Shares were issued by the Company at a price of C$0.65 per Share, for aggregate gross proceeds of C$12,000,040.

The Company intends to use the net proceeds from the Offering to continue development at its Namdini Gold Project and exploration at the Company's other Ghanaian properties.

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About Cardinal Resources Ltd

Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.

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 its PFS studies as well as gold exploration on its tenements located within close proximity to the Namdini Project.



Archie Koimtsidis
Cardinal Resources Limited
P: +61-8-6558-0573

Alec Rowlands
IR / Corp Dev
Cardinal Resources Limited
P: +1-647-256-1922

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