Gold Fields became a substantial shareholder of Cardinal on 3 April 2017 with an ordinary shareholding of 6.4%.
Further, the Company advises that Gold Fields is, or is entitled to be, the registered holder of 24,887,425 listed options in Cardinal (ASX.CDVOA), which has also been acquired through on-market purchases. On a fully diluted basis Gold Fields would hold 10.35%.
Archie Koimtsidis, MD/CEO of Cardinal, said:
"We acknowledge Gold Fields as a substantial shareholder of the Company. Their investment confirms the tremendous potential of our Ghanaian Projects."
About Cardinal Resources Ltd
Cardinal Resources Ltd (ASX:CDV) (OTCMKTS:CRDNF) is an African gold-focused exploration and development company which holds interests in tenements within Ghana, West Africa.
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 Limited