Cardinal Resources Ltd.: Capital Raising to Push Ahead with Drilling at Namdini
(firmenpresse) - CAPTIAL RAISING TO PUSH AHEAD WITH DRILLING ATNANDIMI
HIGHLIGHTS
· Introduction of two new cornerstone investors:
o Precious Capital Global Mining and Metals Fund (Switzerland); and
o Colonial First State Growth Equities (Australia)
· Strongly oversubscribed placement of 75 million shares at 29 cents per share
· Active work programme fully funded to push ahead with plans to drill out the gold discovery at the Namdini Project, Ghana
· Objective to define a maiden JORC Resource at Namdini Gold Project late in 2016
· Drilling will also begin at other regional targets in Ghana
Cardinal Resources Limited (ASX: CDV) (the Company) https://www.youtube.com/watch?v=zOWLLySUM6c 11 July 2016 is pleased to announce that it has completed a share placement of up to 75 million new shares at $0.29 per share (Placement). The Placement will welcome a number of new, well credentialed fund managers to the Company's share register, including Precious Capital Global Mining and Metals Fund (Precious Capital) in Switzerland and Colonial First State Growth Equities (Colonial First State) in Australia, amongst others.
The Placement at $0.29 cents per share represents a discount of only 6.7% to Cardinals 5day VWAP, and is a 20% premium to Cardinals 30 day VWAP.
Precious Capital and Colonial First State provided cornerstone support for this capital raising, which was also well supported by a number of leading international institutional investors.
The funds raised will be applied primarily to fund further RC and diamond drilling at the Companys Namdini Gold Project in Ghana, West Africa, exploration of the Companys 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.
Hartleys Limited (Australia) is Lead Manager to the Placement, with Clarus Securities Inc. (Canada) and RFC Ambrian Limited (London) acting as CoManagers to the Placement.
Cardinals Managing Director, Archie Koimtsidis said:
The addition of Precious Capital and Colonial, along with several other notable domestic and international institutional investors joining the share register in this placement, is a testament to the Namdini Gold Project, and of the team we have at Cardinal. The Company has a solid group of core shareholders in
Cardinal Resources Limited ABN 56 147 325 620
www.cardinalresources.com.au Ghana: Durugu Residential Area, Kumbosco, Bolgatanga, Ghana P: +233 (0) 261905220 SKYPE: cardinal.archie Australia: Level 1, 115 Cambridge Street, West Leederville, Perth, 6007 P: +61 (8) 9322 6600 F: +61 (8) 9322 6610
Australia, North America and Europe, with capacity to be part of future funding needs of the Company as we progress the Namdini Gold Project through technical studies, and eventually into gold production.
The size of the bids received for the placement from a handful of wellrespected resource investors is a positive step for the Company as we seek to grow our institutional and global profile
Approximately 55.5 million shares to be issued in the Placement will be issued under the Companys current ASX Listing Rule 7.1 and 7.1A capacity. The balance of the Placement shares, being up to approximately 19.5 million shares, will be issued subject to shareholder approval at a General Meeting of Cardinal shareholders to be held in late August 2016. A notice of meeting will be provided to shareholders in due course with respect to, amongst other things, the approval for the second tranche of the Placement.
For further information contact:
Archie Koimtsidis Managing Director
Cardinal Resources Limited
P: +233 (0)26 190 52 20 Skype: cardinal.archie
Cardinal Resources Limited ABN 56 147 325 620
www.cardinalresources.com.au Ghana: Durugu Residential Area, Kumbosco, Bolgatanga, Ghana P: +233 (0) 261905220 SKYPE: cardinal.archie Australia: Level 1, 115 Cambridge Street, West Leederville, Perth, 6007 P: +61 (8) 9322 6600 F: +61 (8) 9322 6610
Leseranfragen:
" alt="Goldsource Reports Production Results for Q2 and H1 2016; Eagle Mountain Gold Project
Datum: 11.07.2016 - 12:58 Uhr
Sprache: Deutsch
News-ID 482463
Anzahl Zeichen: 4371
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 247 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Cardinal Resources Ltd.: Capital Raising to Push Ahead with Drilling at Namdini
"
steht unter der journalistisch-redaktionellen Verantwortung von
Cardinal Resources Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
