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Cardinal Resources gains new substantial holder in Nordgold SE, in trading halt

The trading halt will be in place until Wednesday March 18 or when an announcement is made to market.

Cardinal Resources Ltd - Cardinal Resources gains new substantial holder in Nordgold SE, in trading halt
Cardinal’s Namdini Gold Project is 50 kilometres of regional town Bolgatanga in Ghana

Cardinal Resources Ltd (ASX:CDV) has gained a new substantial holder in Nordgold SE.

Nordgold has acquired 98.44 million shares in the company, increasing its voting power to 19.9%.

Trading halt

Cardinal Resources has also been placed ina  trading halt ahead of a indicative non-binding proposal from Nordgold.

The trading halt will remain in place until either, the beginning of trade on Wednesday March 18 or when an announcement is made to market, whichever occurs earliest.

Namdini resettlement action plan

Cardinal Resources recently received approval from the Minerals Commission of Ghana (MinCOm) for a resettlement action plan (RAP) for the Namdini Gold Project in West Africa.

Approval paves the way for construction of structures including residential and public buildings for the people living the Accra and Buing villages, which are near some of the proposed mine infrastructure.

The two villages currently have no access to the national electricity grid, with most households using battery-powered flashlights as lighting and less than 5% having access to acceptable living facilities.

Quick facts: Cardinal Resources Ltd

Price: 0.62 AUD

ASX:CDV
Market: ASX
Market Cap: $310.02 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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