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Ross Beaty leads new money into Condor Gold

Condor Gold is raising new money to help it move forward at the La India gold mine in Nicaragua
Ross Beaty leads new money into Condor Gold
Well-known mining entrepreneur Ross Beaty is coming in for £1 mln

Condor Gold PLC (LON:CNR) is raising £5.24 mln via  placing in which the lead investor will be well-known mining entrepreneur Beaty.

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.

 

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