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.