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.