Sprott Private Resource Lending closed a $25 million senior secured credit facility for Cardinal Resources.
The facility will provide working capital and funding to complete the preliminary and definitive feasibility studies for the company’s Namdini Gold Project in Ghana.
Cardinal’s CEO and managing director Archie Koimtsidis said, “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 maximising shareholder value by avoiding unnecessary dilution.”
Cardinal Resources is an African gold-focused exploration and development company which holds interests in tenements within Ghana, West Africa. The company is focused on the development of the Namdini project through a resource expansion drilling program, pre?feasibility studies, detailed metallurgical test work and process flowsheet studies.
