Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) has raised £1.85 million through the issue of equity, selling 5.67 million shares priced at 15p each.
It follows a prior raise, announced last week, in which the company received a £1 million investment from a major shareholder, Galloway Limited, via warrant exercise.
Today’s equity sale, meanwhile, sees shares placed primarily with existing investors.
Notably, participants included Condor chair Jim Mellon, who has increased his interest to 24.9% whilst fellow company directors Andrew Cheatle and Ian Stalker also subscribed for new shares.
In the meantime, a process to sell the company is ongoing.
Condor noted that the sale process currently comprises five non-binding offers, following three site visits, and a total of eight companies are under non-disclosure agreements.
“Although none of the non-binding offers have progressed to firm proposals to date, the company is in advanced discussions with two gold producers,” Condor said in a statement.