Cardinal Resources Ltd's (ASX:CDV) shares have been a top ASX performer recently following a string of broad, high-grade gold intersections from its Namdini project in Ghana.
Namdini represents a genuine new gold discovery with intersections such as: 67 metres at 3.10 g/t gold; and 45 metres at 7.73g/t gold.
Shares in the company closed yesterday at $0.22, and recently hit a 12-month peak of $0.24.
Three months ago shares could have been snapped up at less than half this.
Cardinal has now completed the second tranche of a recent placement, following the approval by shareholders.
Around 6.4 million shares were allotted at $0.12, providing some substantial paper gains following the recent share price run.
Cardinal now has circa 222 million shares on issue, and 117 million in-the-money options exercisable at $0.15 on or before 30 September 2019.
Archie Koimtsidis, managing director, commented:
“We are very pleased with the strong level of support from new and existing shareholders who recognise the significant potential of our projects.
“We are pleased that the tremendous potential of our Ghanaian Projects is increasingly being recognised by a range of sophisticated investors.”
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