21/09/2015 - 12:54

Cardinal raises $5m for gold project

21/09/2015 - 12:54

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Cardinal Resources has received firm commitments for a $5 million capital raising to fund ongoing work at its Namdini gold project in Ghana.

Cardinal raises $5m for gold project
Cardinal managing director Archie Koimtsidis.

Cardinal Resources has received firm commitments for a $5 million capital raising to fund ongoing work at its Namdini gold project in Ghana.

Cardinal will conduct a placement to sophisticated and professional investors at 10 cents each to raise $4.15 million, while its directors Alec Pismiris, Archie Koimtsidis, Malik Easah, Mark Thomas and Simon Jackson will subscribe for a combined 8.4 million shares at the same issue price to raise a further $841,000, subject to shareholder approval.

The proceeds of the raising will be used to fund RC and diamond drilling at Cardinal’s Namdini project, as well as payments for mining tenement acquisitions.

“We are very pleased with the strong level of support from new and existing shareholders who recognise the significant potential of our projects,” managing director Mr Koimtsidis said.

“We also thank Hartleys for their support to date and we look forward to their continued support in the future.”

Cardinal shares exited a trading halt to climb 4.5 per cent to 11.5 cents each at 12:45pm.

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