Condor Gold plc raised £3.3 million from an open offer of 12,156,374 shares and placing 3,004,999 new ordinary shares along with a previous £1m investment from the company’s chairman.
FUNDRAISE
The fundraise announced on 5 December allowed qualifying shareholders to subscribe for one open offer share for every six existing ordinary shares at a price of 15 pence each.
Part of the excess entitlements not taken up by qualifying shareholders under the open offer were placed with non-qualifying shareholders at the issue price.
The total raised of approximately £2.3m adds to the previous £1m unsecured convertible loan note (CLN) from chairman Jim Mellon’s investment vehicle, Galloway.
Mr Mellon now owns 36,435,814 ordinary shares in the company representing 20.18% of the enlarged issued share capital.
Following the issue of the open offer, placing and CLN shares totalling 21,902,961 new ordinary shares, Condor’s total issued share capital will comprise 180,532,491 new ordinary shares, each with voting rights.
Condor Gold will use the funds for the sale of its La India flagship project in Nicaragua.