Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) has announced a non-brokered private placement, aiming to raise up to $1.5 million through the issuance of 10 million units at $0.15 per unit.
Each unit consists of one common share and one-half of a share purchase warrant.
Each whole warrant is exercisable for $0.20 if exercised within 24 months of the closing date and $0.25 if exercised on a date 24 months after the closing date.
The proceeds from the offering will support exploration at the Huinac Punta and Pucamayo projects in Peru, as well as general corporate purposes.
It is expected the offering will close on or about December 13.