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
|
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