Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) has said it is today posting its open offer circular to shareholders, following the initial announcement of a fundraising on 28 November.
An emergency general meeting will be held on 21 December to seek the necessary approvals.
Shareholders are being offered one new share for every six existing shares at a price of 15p each. The plan is to raise £3.9mln to supplement the £1mln raised in the convertible loan that was also announced on 28 November.
Qualifying shareholders subscribing for their full entitlement under the open offer may also request additional shares through the excess application facility.
The Issue Price represents a discount of 22% to the closing price of the company’s shares on Aim on 2 December 2022.
Condor’s principal asset is La India gold project in Nicaragua, which comprises of a large, highly prospective land package of 588 square kilometres comprising of 12 contiguous and adjacent concessions. The project is known to host a million ounces of gold in the indicated category, with a further 1.2mln ounce inferred, and additional resources in satellite areas.