Cardinal Resources Ltd To Undertake Capital Raising
06.04.2017 | ABN Newswire
Perth - Cardinal Resources Ltd. (ASX:CDV) (OTCMKTS:CRDNF) ("Cardinal" or "the Company") is pleased to announce that it proposes to undertake a capital raising to sophisticated and professional investors to subscribe for fully paid ordinary shares via a placement of up to 35.5 million shares at a proposed price of $0.50 per share, with the ability to accept oversubscriptions of up to a further 10.0 million shares ("Placement").The shares will be issued using the Company's 15% capacity under ASX Listing Rule 7.1.
The funds raised will be applied primarily to fund further RC and diamond drilling at the Company's Namdini Gold Project in Ghana, West Africa, exploration of the Company's other Ghanaian properties, provide capital for any potential payments in relation to acquiring tenements located adjacent to the Namdini Gold Project, technical studies in respect of the Namdini Gold Project, and for working capital.
A further announcement will be made by Cardinal upon completion of the Placement bookbuild, upon which the Company will come out of a trading halt.
Cardinal has engaged Hartleys Limited ("Hartleys") as Global Lead Manager and Sole Lead Bookrunner and Clarus Securities Inc. ("Clarus") as Lead Manager - North America and Canada to the Offer.
About Cardinal Resources Ltd:
Cardinal Resources Ltd. (ASX:CDV) (OTCMKTS:CRDNF) is a focused gold exploration and development company with its key assets located in the mineral-rich country of Ghana, West Africa. Cardinal owns and operates 2 drill rigs and has in country infrastructure which allows it to be a low cost exploration and development company. Cardinal has its operational base located within close proximity to the Bolgatanga Project in North East Ghana and has its corporate office located in Perth, Western Australia.
Contact:
Archie Koimtsidis Managing Director
Cardinal Resources Ltd.
P: +233-26-190-5220
Skype: cardinal.archie