Cardero Resource Corp. (TSX:CDU,NYSEMKT:CDY,FWB:CR5) has re-priced and closed the first tranche of its previously announced non-brokered private placement to raise gross proceeds of $3,585,057.30. The Company also arranged a private placement of 8 million flow-through common shares at a price of $0.50 per share to raise gross proceeds of $4 million.
As quoted in the press release:
Due to market conditions, the Company has re-priced the non-brokered private placement announced October 31, 2012 (“Offering”) from $0.55 to $0.45 per share. On December 19, 2012, the Company closed the first tranche of the Offering, issuing 7,966,794 shares to raise gross proceeds of $3,585,057.30. In connection with this first tranche closing, the Company paid cash finder’s fees of $51,067.50 and issued 114,000 finder’s warrants, with each finder’s warrant exercisable to purchase one share at a price of $0.50 until December 19, 2013. As a result of the Company having arranged the flow-through private placement detailed below, the balance of the Offering has been reduced from 14,533,206 shares to 5,825,000 shares, and the Company anticipates closing the balance in a second tranche closing on or before January 14, 2013.