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Condor Gold plc (LSE:CNR) announced a proposed private placement of 6,445,000 units priced at 40 pence each for gross proceeds of 2.6 million pounds. According to the company, Ross Beaty has subscribed for 1.5 million pounds worth of units.
Condor Gold plc (LSE:CNR) announced a proposed private placement of 6,445,000 units priced at 40 pence each for gross proceeds of 2.6 million pounds. According to the company, Ross Beaty has subscribed for 1.5 million pounds worth of units.
As quoted in the press release:
Each Unit is comprised of one ordinary share of 20p each in the Company (“Placing Share”) and two thirds of one share purchase warrant of the Company (a “Warrant”). Each Warrant, which is unlisted, will entitle the holder thereof to purchase one ordinary share at a price of 60p (which is at a 50% premium to the Placing Price) for a period of 24 months from the date on which the shares issued pursuant to the Placing are admitted to trading on AIM (the “Closing Date”).
The Company is pleased to announce that Ross Beaty has subscribed for £1.5 million worth of Units and will have a 7.18% shareholding in the Company post placement on an undiluted basis. The investment follows a site visit and technical due diligence. Mr Beaty is a Canadian mining entrepreneur with a successful track record of both building mining companies and developing mineral deposits for sale. The Company has agreed to a non-dilute clause for Mr Beaty’s shareholding. The Company also welcomes a specialist resource fund managed by an affiliate of Sprott Inc. as a shareholder.
Click here to read the full Condor Gold plc (LSE:CNR) press release.