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Cardinal raises exploration cash

21st September 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Cardinal Resources has raised A$5-million through a share placement to fund reverse circulation and diamond drilling at its Namdini gold project, in Ghana.

The company announced on Monday that it would place some 28.1-million shares at a price of 10c each to raise the funds, with the shares attaching a fee listed option, exercisable at 15c each before September 2019.

The placement would be undertaken in two tranches, with the second tranche and the listed options subject to shareholder approval.

Cardinal MD Archie Koimtsidis said the company was pleased with the strong level of support from both new and existing shareholders.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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