Condor Gold plc has raised £4.1 million before expenses from a private placement through issuing new ordinary shares representing 8.7% of the company’s existing issued share capital.
UNITS
The company placed 11,714,286 units each at 35p including a directors and chief financial officer’s subscription.
Four directors Mark Child, Andrew Cheatle, Ian Stalker and Jim Mellon, along with John Seaberg (CFO) subscribed for a total of 2,972,144 units.
Each unit is comprised of one ordinary share of 20p and one-half of one ordinary share purchase warrant.
DIRECTORS’ SUBSCRIPTION
Jim Mellon, through Galloway Ltd, subscribed for 2,857,143 units for £1,000,000.05.
Mr Mellon now owns a direct and indirect aggregate shareholding of 27,908,511 ordinary shares, representing approximately 19% of the company’s issued ordinary shares.
Andrew Cheatle (14,286) holds directly and indirectly 145,241 ordinary shares (0.1%).
Ian Stalker (71,429) has a direct or indirect interest in 310,228 ordinary shares (0.2%).
Mark Child (5,000) and owns directly and indirectly 4,230,000 ordinary shares (2.9%).
John Seaberg (14,286) owns directly and indirectly a shareholding of 14,286 ordinary shares (nil%).
PROCEEDS
Proceeds will be primarily used to complete a feasibility study ahead of securing project financing and construction at La India, as well as paying the balance for the SAG Mill.