03/10/2019 - 13:55

Three gold juniors raise nearly $27m

03/10/2019 - 13:55

Bookmark

Save articles for future reference.

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.

Three gold juniors raise nearly $27m
Cardinal syas the funds raised will go towards finalising a feasibility study for its Namdini gold project.

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 received its funds after shareholders exercised around 117.4 million options, which represented 99.8 per cent of its listed options on issue.

The majority of the options were exercised at 15 cents per share; with Cardinal's current trading price at 42 cents each, investors are sitting on a big instant profit.

The company’s directors, Archie Koimtsidis, Malik Easah and Kevin Tomlinson, have exercised all their listed options, totalling about $1.67 million.

Cardinal said the funds raised would go towards finalising a feasibility study for its Namdini gold project in Ghana, which hosts a 5.1 million ounce ore reserve.

Fellow gold explorer Black Cat Syndicate announced it raised $5m at 43 cents per share to accelerate drilling at its Bulong gold project.

Shaw and Partners acted as lead manager.

Azure Minerals raised $4 million to accelerate exploration at its Alacran gold and silver project in Northern Mexico.

Shares were issued at 17 cents each, and Patersons Securities was the lead manager to the placement.

Shares in Black Cat were down 2.2 per cent to trade at 44 cents each at 2.30pm AEST.

Shares in Azure were down 17.4 per cent to trade at 19 cents each at 3pm AEST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options