Cardinal Resources raises $17.6m through exercise of listed options
Cardinal Resources Limited (ASX/TSX: CDV), a Ghana gold focused exploration and development company, has advised that the Listed Options trading under the ticker code CDVOA expired on 30 September 2019, with those exercised generating about $17.6 million.
A total of 117,398,958 of the Listed Options were exercised, being 99.84% of the Listed Options on issue, raising approximately $17.6 million in cash proceeds.
Only 188,081 Listed Options expired unexercised. The Company further notes that Directors’ of the Company being Archie Koimtsidis, Malik Easah and Kevin Tomlinson have exercised all their Listed Options in the Company, totalling approximately $1.67m.
Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: “The Company is pleased with the very strong take up of the Listed Options, which considerably strengthens the Company’s balance sheet and provides much improved scope to do certain long lead time activities as and when we wish, to ensure a quick pathway to development and gold production at our large Namdini Project.
“Many of the options exercised were held by long‐term shareholders who participated in various capital raisings during 2014 and 2015 and received these options. We would like to acknowledge and thank these holders in particular for their continued long‐term support of the Company.”