Cardinal Resources Ltd (ASX:CDV) has completed all required documentation for the US$25 million senior secured credit facility.
The US$25 million facility will provide working capital and funding to complete the preliminary and definitive feasibility studies (PFS and DFS) for its Namdini Gold Project in Ghana.
The facility is being provided by globally renowned resource investment firm Sprott through Sprott Private Resource Lending.
Fast-tracking Namdini towards DFS
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.”
Immediate focus is the PFS
Cardinal is focused on the development of Namdini through advancing its PFS supported by additional multi‐disciplinary engineering and metallurgical activities.
Namdini hosts a JORC Indicated resource of 6.5 million ounces of gold grading 1.1 g/t gold and an Inferred resource of 0.5 million ounces of gold grading 1.2 g/t gold.
Furthermore, exploration programs are also continuing at the company’s Bolgatanga and Subranum projects in Ghana.