https://www.miningweekly.com

Cardinal closes Sprott credit facility

23rd August 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Cardinal Resources has finalised a $25-million senior secured credit facility with Sprott Private Resources.

The facility, which was agreed upon in July this year, will provide the junior with working capital and funding to complete the preliminary and definitive feasibility studies for its Namindi gold project, in Ghana.

“The 30-month facility provides Cardinal with the ability to continue to fast-track Namindi towards completion of a definitive feasibility study, anticipated in the third quarter of 2019, while also maximizing shareholder value by avoiding unnecessary dilution,” said Cardinal MD and CEO Archie Koimtsidis.

Cardinal will issue some 4.25-million ordinary shares to Sprott, subject to regulatory approval, and the facility will be secured against the company’s assets, as well as those of its wholly owned subsidiary Cardinal Namindi Mining.

Edited by Creamer Media Reporter

Comments

Showroom

Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.121 0.168s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: