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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 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. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSE:SII). For more information, please visit www.sprott.com.
About Cardinal Resources Ltd:
Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.
The Company's Namdini Project has an Indicated Mineral Resource of 6.5Moz of gold contained in 180Mt at 1.1 g/t Au at a cut-off of 0.5g/t Au and an Inferred Mineral Resource of 0.5Moz of gold contained in 13Mt @ 1.2 g/t Au at a cut off of 0.5 g/t Au.
The Company is focused on the development of the Namdini Project through advancing the Pre-Feasiblity study, supported by additional multi-disciplinary engineering activities.
Exploration programmes are also continuing at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Source:
Cardinal Resources Ltd
Contact:
Archie Koimtsidis CEO / MD Cardinal Resources Limited P: +61-8-6558-0573 Alec Rowlands IR / Corp Dev Cardinal Resources Limited P: +1-647-256-1922 Bettina Filippone Renmark Financial Communications Inc E: bfilippone@renmarkfinancial.com P: +1-416-644-2020 or +1-514-939-3989