LONDON (Alliance News) - Condor Gold PLC said Tuesday International Finance Corp exercised a clause to subscribe for 600,000 units on the same terms of its recent share placing, for a gross consideration of GBP240,000.
Condor had raised GBP2.6 million in the placing last month, by placing 6.4 million units, comprising 6.4 million shares and 4.3 million warrants.
Each unit is comprised of one share and two thirds of a warrant. Each warrant will give the holder the right to buy one share at 60p per share, a premium to the 40p placing price, for 24 months from the data on which the placing shares begin trading on AIM.
Shares in Condor were up 1.1% at 64.20 pence Tuesday morning.
As a result of the exercise of the clause, which was part of an agreement entered into between the two companies when International Finance initially invested in Condor, Condor has raised a total of GBP2.8 million in the placing.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Condor Gold (CNR)