Cardinal Resources Ltd Stock Market Press Releases and Company Profile
To Undertake Capital Raising
To Undertake Capital Raising

Perth, April 6, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (googlechartASX:CDV) (googlechartCRDNF:OTCMKTS) ("Cardinal" or "the Company") is pleased to announce that it proposes to undertake a capital raising to sophisticated and professional investors to subscribe for fully paid ordinary shares via a placement of up to 35.5 million shares at a proposed price of $0.50 per share, with the ability to accept oversubscriptions of up to a further 10.0 million shares ("Placement").

The shares will be issued using the Company's 15% capacity under ASX Listing Rule 7.1.

The funds raised will be applied primarily to fund further RC and diamond drilling at the Company's Namdini Gold Project in Ghana, West Africa, exploration of the Company's other Ghanaian properties, provide capital for any potential payments in relation to acquiring tenements located adjacent to the Namdini Gold Project, technical studies in respect of the Namdini Gold Project, and for working capital.

A further announcement will be made by Cardinal upon completion of the Placement bookbuild, upon which the Company will come out of a trading halt.

Cardinal has engaged Hartleys Limited ("Hartleys") as Global Lead Manager and Sole Lead Bookrunner and Clarus Securities Inc. ("Clarus") as Lead Manager - North America and Canada to the Offer.


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.

abnnewswire.com 


Contact

Archie Koimtsidis
CEO / MD
Cardinal Resources Limited
P: +61-8-6558-0573

Alec Rowlands
IR / Corp Dev
Cardinal Resources Limited
P: +1-647-256-1922

Warrick Hazeldine
Cannings Purple
E: whazeldine@canningspurple.com.au
P: +61-417-944-616



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