Cardinal raises C$12.5m for Ghana gold project

Dual-listed Cardinal Resources on Tuesday announced that it would raise C$12-million to fund exploration and development work at the Namdini gold project, in Ghana. The company told shareholders that it had struck an agreement with a syndicate of underwriters under which the underwriters had agreed to purchase 18.46-million shares in Cardinal, on a bought deal basis, at C$0.65 a share.