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LONDON (Alliance News) - Condor Gold PLC Thursday said it is raising funds through the placing of new shares and a subscription by the International Finance Corp, due to being low on cash.
Condor had cash equivalents of GBP90,400 at August 30th and is currently focusing on a pre-feasibility study for its La India open pit project in Mexico with the intention to conduct a bankable feasibility study directly afterwards.
In order to complete the bankable feasibility study and create general working capital, Condor announced a proposed placing to raise GBP2.9 million and has reached an agreement with the IFC, the private sector arm of the World Bank, for a proposed subscription to raise GBP3.5 million, it said.
The proposed placing and subscription is for 3.2 million units, at a price of 90 pence per unit. Each unit consists of one share, plus a four-year entitlement to purchase an additional share for 144 pence, it said.
Condor's shares were up 0.6% to 93.56 pence per share Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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