Condor Gold completes £4.04m fundraiser

Condor Gold has wrapped up its £4.04m fundraiser by way of a placement of new ordinary shares and warrants to subscribe for ordinary shares.

The gold exploration and development company received £1.96m from the second and final tranche of its placement, made up of a subscription for 9.84m new ordinary shares by Nicaragua Milling.

A total of 20.19m units, comprised of 20.19m new ordinary shares and 6.73m warrants, were placed at a placing price of 20p per unit, taking the company's issued share capital to a total of 94.66m ordinary shares.

Following the fundraiser, mining entrepreneur and Condor director Jim Mellon owned a direct and indirect holding of 14.07m ordinary shares in the group, representing 14.9% of its issued share capital.

"Condor Gold has conducted a private placement to raise gross proceeds of approximately £4.04 million by issuing new ordinary shares representing 27% of the company's existing issued share capital," explained chairman and chief executive officer Mark Child.

"I would like to thank Jim Mellon, my fellow director and shareholder for his staunch support and providing the lead order of £1.25m for the placing and several other existing shareholders who have participated in the placing."

As of 0955 BST, Condor shares had slipped 2.86% to 17p.