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Cardinal Resources raises A$17.6M for Namdini gold project

Cardinal Resources Ltd. raised A$17.6 million through the trading of its listed options that expired Sept. 30.

The company said Oct. 3 that 117,398,958 options were exercised, representing 99.84% of the issued options. A total of 188,081 options were unexercised.

Cardinal Resources said proceeds will be used to strengthen its balance sheet and advance its Namdini gold project in Ghana.

The company recently appointed former Barrick Gold Corp. executive David Anthony as COO to oversee Namdini, which hosts total proven and probable reserves of 5.1 million ounces of gold within 138.6 million tonnes at 1.13 g/t, according to an April study.