Cardinal has completed the final legal and formal documentation allowing it to enter into a transaction for US$25 million with Canadian based Sprott Private Resource Lending.

Cardinal Resources Limited (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) ("Cardinal" or "the Company") is pleased to advise that all legal and formal documentation with Sprott Private Resource Lending (Collector), L.P. ("Sprott") to provide a US$25 million (A$32 million) senior secured credit facility ("Facility") has been successfully completed.

The US$25 million Facility will provide working capital and funding to complete the Preliminary and Definitive Feasibility Studies for Namdini.

Archie Koimtsidis, CEO and Managing Director of Cardinal, stated:

"We would like to thank both Sprott and Cardinal legal teams in Ghana, Australia and Canada who have worked tirelessly to bring about a successful outcome.

"This 30-month Facility provides Cardinal with the ability to continue to fast-track Namdini towards completion of a Definitive Feasibility Study, anticipated in Q3 2019, while also maximizing shareholder value by avoiding unnecessary dilution."

ABOUT SPROTT

Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSE:SII). For more information, please visit www.sprott.com.


About Cardinal Resources Ltd

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

The Company is focused on the development of the Namdini Project with a recently announced Maiden Probable Reserve of 4.76Moz and is now advancing the feasibility study supported by additional multi-disciplinary engineering activities.

Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.

 

Contact

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

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

Bettina Filippone
Renmark Financial Communications Inc
E: bfilippone@renmarkfinancial.com
P: +1-416-644-2020 or +1-514-939-3989



Link: Cardinal Successfully Finalises US$25m Sprott Facility



Related Companies

Sprott Inc.

Cardinal Resources Ltd
   


Related Industry Topics:
Financial General Mining Gold Silver