28th May 2020 14:29
(Alliance News) - Condor Gold PLC on Thursday said it has raised GBP6.6 million through the placing of 18.1 million shares at 36.5 pence each.
Shares in the gold miner were trading 14% lower at 41.95 pence each on Thursday afternoon in London, giving it a market capitalisation of GBP40.0 million.
Condor said the private placement included the subscription of a total of 2.4 million shares by the company directors.
Chief Executive & Chair Mark Child subscribed for 27,397 shares, taking his stake in the company to 3.7%. Chief Financial Officer Jeffrey Karoly and Non-Executive Director Andrew Cheatle subscribed for 10,000 shares each, taking their stakes to 0.1% each. Non-Executive Director Ian Stalker subscrived for 67,370 shares, also taking his stake to 0.1% while Non-Executive Director Jim Mellon subscribed for 2.2 million shares taking his entire stake to 15%.
The new cash will be used to advance the La India project in Nicaragua towards production. It will fund the completion of engineering and other technical studies, the purchase of land in and around the mine site infrastructure and will also provide a deposit on a processing plant.
"Condor has a high grade 1.12 million ounce gold open pit mineral resource, including mineral reserves permitted for extraction from 3 open pits. Condor's intention is to permit the 1.2 million ounce gold underground mineral resource following the commencement of open pit production and continue with exploration activity to demonstrate a 5 million ounce Gold District at La India project," said Child.
By Ife Taiwo; [email protected]
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