Condor Gold plc said it had raised £3.25 million before expenses through a private placing of 11,607,149 units each at a price of 28p, including a directors’ subscription of 1,833,573 units.
PLACING
Each unit is comprised of one ordinary share in the company with a nominal or par value of 20p each and one-half of one ordinary share purchase warrant.
Each warrant, which is unlisted and fully transferable, will entitle the holder to purchase one ordinary share at a price of 35p for a period of 36 months.
DIRECTORS’ DEALINGS
Directors Mark Child, Andrew Cheatle and Jim Mellon subscribed for 30,000, 17,858 and 1,785,715 units respectively, for a total of 1,833,573 units.
Jim Mellon subscribed through Galloway Ltd, wholly owned by Burnbrae Group Ltd which is in turn wholly owned by Mr Mellon, for 1,785,715 units for £500,000.
Following completion, he shall beneficially own or control, directly and indirectly 29,694,226 ordinary shares, representing approximately 18.7% of the issued ordinary shares.
Mark Child subscribed for 30,000 units for £8,400 and on completion shall beneficially own or control 4,260,000 ordinary shares, representing 2.7% of the issued ordinary shares.
Andrew Cheatle subscribed for 17,858 units for £5,000 and shall beneficially own or control, 163,099 ordinary shares, representing approximately 0.1% of the issued ordinary shares.
USES
Condor Gold said that the proceeds would be primarily used to complete a feasibility study (FS), increasing the confidence of the La India project in Nicaragua.
This will incorporate a feasibility level engineering design, and +/- 15% capital and operating costs.
The company added that the FS would be a key document to secure financing ahead of construction.