Cardinal Resources has raised $17.6 million to fund its Namdini project in Ghana, West Africa.
The capital raising received backing from three of its six Cardinal directors, who have exercised all their options to raise around $1.67 million.
Cardinal is advancing the feasibility study (FS) at the Namdini project, which is examining the proposed construction of a 9.5 million tonnes a year processing plant with a 5.1 million ounces ore reserve.
The company is on track to deliver the FS this month.
“(Cardinal) is pleased with the very strong take up of the listed options, which considerably strengthens the company’s balance sheet and provides much improved scope to do certain long lead time activities as and when we wish, to ensure a quick pathway to development and gold production at our large Namdini project,” chief executive Archie Koimtsidis said.
“Many of the options exercised were held by long-term shareholders who participated in various capital raisings during 2014 and 2015 and received these options.”
Cardinal reported that a total of nearly 118 million listed options, or exchange-traded options, were exercised, with only less than 200,000 options expired unexercised.
The Ghana gold-focussed exploration and development company is also continuing its Bolgatanga and Subranum exploration projects in northern and southern Ghana respectively.
Cardinal also raised $25 million for the Namdini project in July last year to fund its pre-feasibility study (PFS) and definitive feasibility study (DFS).