CardinalResources Ltd. has completed a share placement of up to 75 millionshares at 29 Australian cents per share to raise proceeds of up to A$21.8million, it said July 11.

The funds raised will be applied primarily to fund furtherdrilling at theNamdini goldproject in Ghana, exploration at other Ghanaian properties of the company, technicalstudies and tenement acquisitions near Namdini as well as for working capital.

The placement includes investment by Precious Capital GlobalMining and Metals Fund in Switzerland and Colonial First State Growth Equitiesin Australia.