Cardero Resource Corp. (TSX:CDU) announced an increase in the amount of its previously announced private placement. The private placement, announced on October 23, 2012 will now consist of 22,500,000 common shares at a price of 0.55 CAD per share. The gross proceeds from the placement will be used for work on the Carbon Creek coal project and payments on the Sheini Hills Iron ore project.
As quoted in the press release:
The non-brokered private placement will now consist of up to 22,500,000 common shares at a price of CAD 0.55 per share for gross proceeds of up to CAD 12,375,000 (the “Offering”). All common shares issued in the Offering will have a hold period in Canada of four months from the closing of the Offering.