Company raises funds for initial Zonia option payment, working capital
By Devika Patel
Knoxville, Tenn., Oct. 23 – Cardero Resource Corp. said it raised C$532,500 in the first tranche of a C$1.5 million non-brokered private placement of stock. The deal priced on July 27.
The company is selling 10 million common shares at C$0.15 apiece, which is a 650% premium to the July 24 closing share price of C$0.02. It sold 3,550,001 shares in the first tranche.
The bridge loan will accrue interest at 12% and is due in one year.
Proceeds will be used to make the initial $150,000 Zonia option payment and for general working capital.
Based in Vancouver, B.C., Cardero is a base and precious metal exploration company.
Issuer: | Cardero Resource Corp.
|
Issue: | Common shares
|
Amount: | C$1.5 million
|
Shares: | 10 million
|
Price: | C$0.15
|
Warrants: | No
|
Agent: | Non-brokered
|
Pricing date: | July 27
|
Settlement date: | Oct. 23 (for C$532,500)
|
Stock symbol: | Toronto: CDU
|
Stock price: | C$0.02 at close July 24
|
Market capitalization: | C$24.65 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.