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Cardinal raises A$17.6m

3rd October 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.om) – Gold-focused explorer Cardinal Resources has raised A$17.6-million through the exercise of listed options, which expired at the end of September.

The ASX- and TSX-listed company noted that more than 117.39-million listed options were exercised, which was 99.84% of the listed options on issue, raising A$17.6-million in cash.

Only 188 081 listed options expired unexercised.

“The company is pleased with the very strong take-up of the listed options, which considerably strengthens the company’s balance sheet and provides much improved scope to do certain long-lead time activities as and when we wish, to ensure a quick pathway to development and gold production at our large Namdini project,” said Cardinal CEO and MD Archie Koimtsidis.

He noted that 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.

Edited by Creamer Media Reporter

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