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