Cardinal Resources Ltd. said April 6 that it plans to undertake a capital raising of up to A$22.8 million to investors through the placement of up to 35.5 million shares at a proposed price of 50 Australian cents each, with an oversubscription option of 10.0 million shares.

The company tapped the services of Hartleys Ltd. and Clarus Securities Inc. to lead the offer.

Proceeds from the raising will be used to fund drilling, technical studies and the acquisition of additional tenements at the Namdini gold project in Ghana, the exploration at Cardinal Resources' other Ghana properties and for working capital.