An infrastructure fund owned by the government of Ghana Government has acquired Cardinal Resources’ senior debt facility from Sprott Private Resource Lending.
Ghana Infrastructure Investment Fund (GIIF) finalized the deal on June 4, making it Cardinal’s senior debt facility provider. The balance of the facility is approximately $23.8 million, following a $400,000 repayment of the debt to Sprott prior to the transaction. Cardinal also has been provided with further funding from previously restricted cash, totaling an additional $3.1 million, which now forms part of Cardinal’s working capital.
As part of the transaction, Cardinal has agreed to amend and restate the facility under Ghanaian law.
“As one of Africa’s largest and most significant new gold discoveries, we at GIIF are very pleased to be able to enter into this very important transaction which ensures increased Ghanaian participation, through our capacity as a Sovereign owned fund,” said Solom
