Cardero Resource Announces Financing and Bridge-Loan Credit Facility

Cardero Resource (TSX:CDU,NYSEMKT:CDY,NYSEAmex:CDY,FWB:CR5) announced a non-brokered private placement for gross proceeds of up to CAD10,000,000, and a CAD10,000,000 bridge-loan credit facility with Sprott Resource Lending Partnership.

As quoted in the press release:

The Company has arranged a non-brokered private placement of up to 18,181,818 common shares at a price of CAD 0.55 per share for gross proceeds of up to CAD 10,000,000 (the “Offering”).

The Company also announces that it has executed a term sheet for a CAD 10,000,000 bridge-loan credit facility agreement with Sprott.

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