Cardinal Resources raises C$12m in public offering

Company News

by Kathy Skantzos

Gold exploration company Cardinal Resources (ASX:CDV) has announced it has closed its public offering of ordinary shares, raising a total of C$12 million.

The company issued 18.5 million shares at a price of C$0.65 per share in the underwritten offering.

The mining company intends to use the proceeds to continue the development of its Namdini Gold Project and exploration in Ghana, West Africa.

The company said the securities will not be registered in the US.

The deal was announced on 30 October and was led by Clarus Securities.

Shares in Cardinal Resources (ASX:CDV) are trading 1.77 per cent higher to $0.58.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.