The Prospector News

Cardinal Successfully Finalizes US$25M Sprott Facility

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Cardinal Successfully Finalizes US$25M Sprott Facility

 

 

 

 

 

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.” 

 

 

ABOUT CARDINAL

 

 

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.

 

 

ABOUT SPROTT

 

 

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.

Posted August 22, 2018

Share this news article

MORE or "UNCATEGORIZED"


Alio Gold Signs $15M Financing Package for Florida Canyon

Alio Gold Inc. (TSX:ALO) (NYSE AMERICAN: ALO) announces that it h... READ MORE

November 14, 2019

Canada Cobalt Closes $1.4 Million Financing

Canada Cobalt Works Inc. (TSX-V: CCW) (OTC: CCWOF) (Frankfurt: 4T... READ MORE

November 14, 2019

Wallbridge Expands the Lower Tabasco Zone and the Area 51 Zones to the Southwest

Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) is pleased ... READ MORE

November 14, 2019

Brixton Metals Drills 37.78m of 1.17 g/t Au at the Outlaw Zone, Including 12.00m of 3.28 g/t Au and 3.00m of 9.06 g/t Au at its Thorn Project

Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased... READ MORE

November 14, 2019

Defense Metals Drills 3.12% Total Rare Earth Oxide Over 105 Metres and Extends Mineralized Zone at Wicheeda Rare Earth Element Deposit

Defense Metals Corp. (DEFN: TSX-V ) (DFMTF: OTCQB) (35D: FSE) ann... READ MORE

November 14, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions