Cardinal Resources

Published : July 11th, 2016

Capital Raising to Push Ahead with Drilling at Namdini

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Capital Raising to Push Ahead with Drilling at Namdini

Microsoft Word - 11 Jul 2016 Cardinal Completes Capital Raising

ASX ANNOUNCEMENT AND MEDIA RELEASE

11 July 2016

CAPTIAL RAISING TO PUSH AHEAD WITH DRILLING AT NANDIMI

HIGHLIGHTS

  • Introduction of two new cornerstone investors:

    • Precious Capital Global Mining and Metals Fund (Switzerland); and

    • Colonial First State Growth Equities (Australia)

  • Strongly oversubscribed placement of 75 million shares at 29 cents per share

  • Active work programme fully funded to push ahead with plans to drill out the gold discovery at the Namdini Project, Ghana

  • Objective to define a maiden JORC Resource at Namdini Gold Project late in 2016

  • Drilling will also begin at other regional targets in Ghana

Cardinal Resources Limited (ASX: CDV) ("the Company") is pleased to announce that it has completed a share placement of up to 75 million new shares at $0.29 per share ("Placement"). The Placement will welcome a number of new, well credentialed fund managers to the Company's share register, including Precious Capital Global Mining and Metals Fund ("Precious Capital") in Switzerland and Colonial First State Growth Equities ("Colonial First State") in Australia, amongst others.

The Placement at $0.29 cents per share represents a discount of only 6.7% to Cardinal's 5‐day VWAP, and is a 20% premium to Cardinal's 30 day VWAP.

Precious Capital and Colonial First State provided cornerstone support for this capital raising, which was also well supported by a number of leading international institutional investors.

The funds raised will be applied primarily to fund further RC and Diamond drilling at the Company's Namdini Gold Project in Ghana, West Africa, exploration of the Company's other Ghanaian properties, provide capital for any potential payments in relation to acquiring tenements located adjacent to the Namdini Gold Project, technical studies in respect of the Namdini Gold Project, and for working capital.

Hartleys Limited (Australia) is Lead Manager to the Placement, with Clarus Securities Inc. (Canada) and RFC Ambrian Limited (London) acting as Co‐Managers to the Placement.

Cardinal's Managing Director, Archie Koimtsidis said:

"The addition of Precious Capital and Colonial, along with several other notable domestic and international institutional investors joining the share register in this placement, is a testament to the Namdini Gold Project, and of the team we have at Cardinal. The Company has a solid group of core shareholders in

Australia, North America and Europe, with capacity to be part of future funding needs of the Company as we progress the Namdini Gold Project through technical studies, and eventually into gold production.

"The size of the bids received for the placement from a handful of well‐respected resource investors is a positive step for the Company as we seek to grow our institutional and global profile"

Approximately 55.5 million shares to be issued in the Placement will be issued under the Company's current ASX Listing Rule 7.1 and 7.1A capacity. The balance of the Placement shares, being up to approximately

19.5 million shares, will be issued subject to shareholder approval at a General Meeting of Cardinal shareholders to be held in late August 2016. A notice of meeting will be provided to shareholders in due course with respect to, amongst other things, the approval for the second tranche of the Placement.

For further information contact:

Archie Koimtsidis Managing Director Cardinal Resources Limited P: +233 (0)26 190 52 20

Skype: cardinal.archie

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Data and Statistics for these countries : Australia | Canada | Georgia | Ghana | Switzerland | All
Gold and Silver Prices for these countries : Australia | Canada | Georgia | Ghana | Switzerland | All

Cardinal Resources

CODE : CDV.AX
ISIN : AU000000CDV9
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Cardinal Res. is an exploration company based in Australia.

Cardinal Res. is listed in Australia. Its market capitalisation is AU$ 165.0 millions as of today (US$ 112.9 millions, € 102.6 millions).

Its stock quote reached its lowest recent point on July 25, 2014 at AU$ 0.02, and its highest recent level on October 28, 2016 at AU$ 0.77.

Cardinal Res. has 349 589 984 shares outstanding.

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Nominations of Cardinal Resources
9/22/2016Change of Auditor
Corporate news of Cardinal Resources
11/6/2016Appendix 3B
9/22/2016Appendix 3B
9/5/2016Becoming a Substantial Holder
7/25/2016Notice of General Meeting/Proxy Form
7/25/2016North American Roadshow Presentation
7/24/2016High Grade Results Continue at Namdini
7/13/2016320m Wide Gold Zone Intersected at Namdini Project
7/11/2016Capital Raising to Push Ahead with Drilling at Namdini
7/6/2016Mineralised Downdip Extension Confirmed with Step-Out Hole
7/6/2016Quarterly Activities and Cashflow Report
6/27/2016310m Wide Gold Zone Intersected at Namdini Project
6/20/2016Project Technical Manager Appointed
6/16/2016New Drill Plan to Test Shallow Zones at Namdini
6/16/2016190m Wide Gold Zone with Infill Drilling at Namdini
5/30/2016220m Wide Gold Zone With Infill Drilling at Namdini
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