The halt will remain in place until the beginning of normal ASX trading on Tuesday, October 29, or when an announcement is released on the market, whichever occurs earliest.
Cardinal securities last traded at 39.5 cents.
$17.6 million raised
Earlier this month the company raised a total of $17.6 million after option holders exercised 117,398,958 of the company’s listed options which expired on September 30, 2019.
The funds raised will allow the company to do long lead tie activities to ensure a quick pathway to development and gold production at the Namdini Gold Project in Ghana.
Cardinal's chief executive officer 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.
“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.”