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Condor Gold places shares to raise £6.6mln to advance the La India Project towards production

The group has placed 18.1mln units at 36.5p, with the units comprising one ordinary share in Condor plus half a warrant with a strike price of 40p

Condor Gold PLC -
The shares issued represent 19% of Condor's existing issued share capital

Condor Gold PLC (LON:CNR, TSE:COG) revealed it has placed 18.1mln units at 36.5p to raise £6.6mln to advance the La India Project towards production.

Each unit comprises one ordinary share in Condor plus half a warrant; each full warrant has a strike price of 40p. The shares issued represent 19% of the company's existing issued share capital.

“The placement proceeds will be used to advance the La India Project towards production. Condor has a high grade 1.12 million oz gold open pit mineral resource, including mineral reserves permitted for extraction from three open pits,” Mark Child, the chairman and chief executive officer of Condor said in a statement.

“A processing plant and associated mine site infrastructure is also permitted. The placement proceeds will be used to complete engineering and other technical studies, purchase land in and around the mine site infrastructure and place a deposit on a processing plant.

"Condor's intention is to permit the 1.2 million oz gold underground mineral resource following the commencement of open-pit production and continue with exploration activity to demonstrate a five million oz gold district at La India Project,” he added.

Quick facts: Condor Gold PLC

Price: 41.5 GBX

AIM:CNR
Market: AIM
Market Cap: £49.11 m
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Condor Gold set for 'fast track approach to construction in next 6-12...

Condor Gold PLC's (LON:CNR)(TSE:COG) Mark Child talks to Proactive London about their ground investigation program consisting of 20 geotechnical drill holes and 58 test pits at La India project, Nicaragua. Child talks through the details which will focus on the tailings storage facility,...

on 27/10/20

2 min read