Cardinal Resources Limited (ASX/TSX: CDV) is pleased to advise that all legal and formal documentation with Sprott Private Resource Lending (Collector), L.P. to provide a US$25 million (A$32 million) senior secured credit facility has been successfully completed.
The US$25 million Facility will provide working capital and funding to complete the Preliminary and Definitive Feasibility Studies for Namdini.
Archie Koimtsidis, CEO and Managing Director of Cardinal, stated:
“We would like to thank both Sprott and Cardinal legal teams in Ghana, Australia and Canada who have worked tirelessly to bring about a successful outcome.
“This 30-month Facility provides Cardinal with the ability to continue to fast-track Namdini towards completion of a Definitive Feasibility Study, anticipated in Q3 2019, while also maximizing shareholder value by avoiding unnecessary dilution.”
Cardinal Resources Limited is a gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.
The Company’s Namdini Gold Project has an Indicated Mineral Resource of 6.5 Moz of gold contained in 180 Mt at 1.1 g/t Au at a cut-off of 0.5 g/t Au and an Inferred Mineral Resource of 0.5 Moz of gold contained in 13 Mt at 1.2 g/t Au at a cut-off of 0.5g/t Au (Refer to Cardinal’s ASX / TSX release “Cardinal Upgrades Indicated Mineral Resource to 6.5Moz” dated 5 March 2018).
The Company is currently focused on the development of Namdini through advancing its Preliminary Feasibility Study, supported by additional multi-disciplinary engineering and metallurgical activities.
Exploration programmes are also continuing at the Company’s Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US.
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