Cardinal Resources Inc fka CDNL

[crookedneck]

$CDNL NEW MULTI-MILLION DOLLAR CONTRACT UPDATED FOR CAMEROON PROJECT:
http://c.eqcdn.com/_a8954af173fd2a057c624938c4ebbde4/cardinalres/db/3/4230/file/Introduction+and+Background.pdf

MAJOR HIGHLIGHTS:

As we’ve previously shared, Cardinal Resources original and still existing $28.8 million contract with CAMWATER was put on-hold when the US Export Import Bank lost its authorization and then when reauthorized, has been limited to transactions under $10.0 million.

On May 5th, the new Supply Contract was signed and
endorsed by CAMWATER and Cardinal Resources. On May 8th the Contract, Dossier, and the financing Term Sheet was formally transmitted to the capital for final action.

The New Supply Contract

While similar to the original contract ($28 Million), the U.S. Export Supply contract, Five Communities, Providing Goods and Services to Assist CAMWATER in Providing Clean Drinking Water Throughout Cameroon is separate from the original contract and different in some key areas. The contract with a value of $9,417,615 covers the following communities in Cameroon: BENGBIS, BIWONG BANE, ENDOM, NGOG MAPUBI & BOUMNYÉBEL

With the new commercial contract, accepted Dossier, and the acceptance of the terms for the 100% financing our next steps in the process are:

• Development of the definitive finance documents between the Mandated Bank and the Republic of Cameroon.

• Approval of the loan guarantees by the U.S. Export Import Bank.
As the exporter of record Cardinal Resources is involved in the process but the main activity is now between the Mandated Bank, MINEPAT, and the U.S. Export Import Bank.

In June, a Cardinal Resources team will return to Cameroon with the objectives of:

• Issuing RFPs to pre-qualified local subcontractors for site preparation and distribution installation

• Begin the process of registering Cardinal Resources of Cameroon

• Meeting with local community officials to determine the final locations for the treatment systems and preliminary distribution plans

• Meeting with CAMWATER, MINEE, and MINEPAT.

• Filing the contract with the Department of Public Works.