Following on from its £1.75mln private placement in February, Condor Gold PLC (LON:CNR) has raised just over a further £4mln.
It is done so by issuing units which comprise a shares and a warrant for every three shares bought. The units were priced at 20p each, almost on a par with Friday’s close for the stock.
The fundraiser was ‘cornerstoned’ by lead and long-time investor, the mining entrepreneur, Jim Mellon, who chipped in £1.25mln.
Management also followed backed the latest private placement.
Condor has issues the equivalent to 27% of the existing share base.
The proceeds of the cash call will be used to advance its Nicaragua project towards production following the receipt of an environmental permit for a 100,000-ounce a year mine.