Cardinal Resources Ltd (ASX:CDV) has now finalised tranche 1 of a placement by issuing 55.5 million shares, with the final 19.5 million shares subject to shareholder approval at a general meeting to be held in August 2016.
The placement was priced at $0.29.
Shares in Cardinal continue to rally, last trading at $0.32, more than five-times higher than a year ago.
Driving the share price has been drilling success at the company’s flagship Namdini Gold Project in Ghana.
Namdini is emerging as a world-class gold project, following the discovery of over 300 metre mineralised gold zones.
News flow pending
With assays pending for 22 holes, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.
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