Cardinal Resources has received an all-cash takeover bid from Chinese producer Shandong Gold, which has offered to buy the West Perth-based company for 60 cents per share.
Cardinal Resources has raised $17.6 million through the exercise of listed options, while Black Cat Syndicate and Azure Minerals were also in the market for equity.
Cardinal Resources has secured a $US25 million ($33.7 million) credit facility with Canada-based asset manager Sprott Private Resource Lending, as the junior explorer progresses a feasibility study at its Namdini gold project in Ghana.
Gold explorer Cardinal Resources has announced plans to raise up to $22.7 million to fund ongoing drilling work at its Namdini project in Ghana, while also putting forward plans to dual-list on the Toronto Stock Exchange.
