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Cardinal Resources raises $17.6 million ahead of Namdini Gold Project feasibility study release

The funding will allow Cardinal to do certain long lead time activities to ensure a quick pathway to development and gold production at the Namdini Gold Project in Ghana.

Cardinal Resources Ltd - Cardinal Resources raises $17.6 million ahead of Namdini Gold Project feasibility study release
Namdini hosts a 5.1 million-ounce ore reserve

Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) has raised $17.6 million after option holders exercised 117,398,958 of the company’s listed options which expired on September 30 2019.

99.84% of the listed options trading under the ticker code CDVOA were exercised with only 188,081 listed options expiring unexercised.

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

On track to Namdini Gold Project development

Cardinal chief executive officer and managing director Archie Koimtsidis said: “The company is pleased with the very strong take up of the listed options, which considerably strengthens the company’s balance sheet and provides much improved scope to do certain long lead time activities as and when we wish, to ensure a quick pathway to development and gold production at our large Namdini Project.

“Many of the options exercised were held by long‐term shareholders who participated in various capital raisings during 2014 and 2015 and received these options. We would like to acknowledge and thank these holders in particular for their continued long‐term support of the company”.  

Namdini gold feasibility study release imminent

Cardinal is on track to deliver the feasibility study this month for the at Namdini Gold Project in Ghana, which hosts a 5.1 million-ounce ore reserve.

The study is progressing well with the company having received the awaited Maelgwyn (AachenTM) laboratory data.

With the study in its final stages, study consultants, technical committee, legal, ASX and TSX compliance reviews are in progress.

The feasibility study examines the proposed construction of a 9.5 million tonnes per annum processing plant at Namdini.

Quick facts: Cardinal Resources Ltd

Price: 0.41 AUD

ASX:CDV
Market: ASX
Market Cap: $205.01 m
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Full interview: Cardinal Resources delivers Namdini gold feasibility study...

Cardinal Resources Ltd (ASX:CDV) chief executive officer and managing director Archie Koimtsidis updates Proactive on delivering a pleasing feasibility study for the Namdini Gold Project in Ghana, West Africa which confirms it as a tier-one gold project. The CEO said the FS demonstrates a...

on 13/11/19

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