Directors will also come in for shares.
The plan is to issue just under 8.3 mln units at a price of 62p per unit, with each unit consisting of a share plus half a warrant exercisable at 93p.
Beaty has come in for £1 mln worth of units and will increase his shareholding to 8.74%.
The money raised will be used to make further progress on Condor’s La India mine in Nicaragua.
Among the next steps is to get a proposed 2,800 tonnes per day processing plant with permitted. This would have capacity to produce 100,000 ounces of gold per year.