18/09/2014 - 10:45

Cardinal raises $900,000 for Ghana

18/09/2014 - 10:45

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Cardinal Resources has completed its bid for $900,000 of capital from sophisticated and professional investors, with additional rights issue shares yet to become available to eligible shareholders.

Cardinal raises $900,000 for Ghana

Cardinal Resources has completed its bid for $900,000 of capital from sophisticated and professional investors, with additional rights issue shares yet to become available to eligible shareholders.

The funds would be used to continue drilling at Cardinal’s Namdini mine in Ghana, the location of this week’s third sub-parallel high grade gold zone discovery.

Last week, the company said it sought to raise a total $1.6 million through the issue of 18 million 5 cent placement shares, 4.88 million shares through a director’s placement under the same terms, and a non-renounceable rights issue of one new option for every two shares held.

Under the placement and director’s placement, shareholders would receive one free attaching option for every new share.

The director’s placement is subject to shareholder approval.

Cardinal shares remained steady at 5 cents per share at 10.25am.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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