Completes Second Tranche Placement
Perth, Nov 27, 2015 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) ("the Company") is pleased to confirm that, further to the ASX releases dated 21 September and 30 September 2015, the Company has allotted 32,167,300 fully paid ordinary shares and 30,166,058 Options exercisable at $0.15 on or before 30 September 2019 ("Listed Options"), to raise a total of $3,216,730.
HIGHLIGHTS
- Second Tranche Placement to Sophisticated Investors completed
- Placement to Macquarie Bank Limited completed
- Over $6.0 million raised since September 2015
The Company issued an additional 332,116 fully paid ordinary shares and 166,058 listed options to raise over $6.0 million in total since September 2015.
The Company now has the following shares and listed options on issue:
Fully Paid Ordinary shares 172,991,385
Options exercisable at $0.15 on or before 30 September 2019 117,587,039
Archie Koimtsidis, Managing Director of Cardinal, said: "We are very pleased with the strong level of support from new and existing shareholders who recognise the significant potential of our projects. We are pleased that the tremendous potential of our Ghanaian Projects is increasingly being recognised by a range of Sophisticated Investors."
About Cardinal Resources Ltd
Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a West African gold exploration and development Company that holds interests in tenements within Ghana, West Africa.
The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
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