Condor Gold plc announced it has raised £4 million after placing 9,523,810 new ordinary shares in the company of 20p each (placing shares) at a price of 42p per placing share.
The placing includes Condor Gold directors’ and chief financial officer’s subscriptions of 4,871,414 placing shares to raise in aggregate gross proceeds of £4,000,000 (placing) before expenses.
The placing was arranged directly by the company with institutional and other investors.
The four directors of the company are Mark Child (14,270 shares); Andrew Cheatle (11,905); Ian Stalker (71,429); Jim Mellon (4,761,905) and chief financial officer Jeffrey Karoly (4,761,905) for a total 4,871,414 placing shares.
Condor’s largest shareholder is Mr Mellon and following completion of the subscription, he shall own a direct and indirect aggregate shareholding of 25,051,368 ordinary shares or 19.2% of the company.
Mr Cheatle shall own 130,955 ordinary shares, representing 0.1% of the resultant issued share capital, Mr Stalker (238,799; 0.2%); Mr Child (4,215,000; 3.2%); and Mr Karoly (160,983; 0.1%).
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