Eldorado Exploration negotiates private placement of stock for up to $25 million

By Sheri Kasprzak

Atlanta, June 6 - Eldorado Exploration said it plans to raise up to $25 million in a private placement of shares.

The details of the offering could not be determined by press time Monday.

The proceeds from the deal will be used for the exploration of oil and gas prospects in Montana, New Mexico and Texas.

Structured Capital is the placement agent.

Based in Irvine, Calif., Eldorado is an oil and natural gas exploration company.

On Monday, the company's stock lost a penny to close at $0.36.

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