16th Feb 2021 11:56
Condor Gold PLC - gold exploration and development in Nicaragua - Raises GBP4.0 million via 9.5 million share placing at a price of 42 pence per share. Notes three company directors, the executive chair and the chief financial officer participated in the placing, subscribing for a total of 4.9 million shares. Non-Executive Director Jim Mellon subscribed for 4.8 million shares for a sum of GBP2 million. Mellon now owns both a direct and indirect shareholding of 25.1 million shares, a 19% interest in Condor Gold. Non-Executive Directors Andrew Cheatle and Ian Stalker now respectively own 0.1% and 0.2% stakes in the company, Executive Chair Mark Child owns a 3.2% interest and CFO Jeffrey Karoly owns a 0.1% stake. Following the placement, Condor says it will have a net cash position of GBP8 million.
"The placement proceeds will be used to advance the La India project towards production and expand the gold mineral resource. Condor has successfully permitted three open pits at La India. Following the permitting of the Mestiza and America open pits, together with the La India open pit, Condor has 1.12 million ounces of gold open pit mineral resources permitted for extraction, inclusive of a mineral reserve of 6.9 metric tons at 3.0 grams per ton gold for 675,000 ounces of gold," says Child.
Current stock price: 45.66 pence
Year-to-date change: down 8.7%
By Zoe Wickens; [email protected]
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