Extractive Industries

Condor raises £4.1m via private placement

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.

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