LONDON (Alliance News) - Condor Gold PLC Monday said it has now completed its GBP6.1 million fundraising, following an equity subscription agreement with International Finance Corp to raise gross proceeds of around GBP3.5 million.
The gold exploration company said the IFC, the private sector arm of the World Bank Group, has subscribed 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 Gold shares were trading 2.3% higher in early trading Monday, at 88.00 pence.
This brings the IFC's shareholding in Condor Gold to 8.53%, holding 3.9 million shares in the company.
Last month, Condor Gold announced it was raising funds through the placing of new shares and a subscription by the IFC, 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.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Condor Gold (CNR)