Ghana Infrastructure Investment Fund Buys Cardinal Resources’ Senior Debt Facility
Posted on 06/05/2020
On June 4, 2020, Ghana Infrastructure Investment Fund (GIIF) finalized a deal to buy Cardinal Resources Limited’s senior debt facility from Sprott Private Resource Lending. The balance of the facility is roughly US$ 23.8 million, following a US$ 400,000 repayment of the debt to Sprott prior to the transaction. Furthermore, Cardinal Resources has been provided with further funding from previously restricted cash, totaling an additional US$ 3.1 million, which now is part of Cardinal’s working capital.
As part of the deal, Cardinal Resources has agreed to amend and restate the facility under Ghanaian law. Cardinal is in the development of its 5.1 Moz Gold Mine in the Upper East Region of Ghana, West Africa.