Cardero Resources Tumbles to Year Low As Arranges Private Placement


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Shares of Cardero Resource Corp. ( CDY ) have established a new 52-week low of $0.54, and while they are currently trading slightly above that level at $0.56, they are still down 6.5% in afternoon trading.

The company announced that it has arranged a non-brokered private placement for gross proceeds of up to C$10,000,000. It has also arranged a C$10,000,000 bridge-loan credit facility with Sprott Resource Lending Partnership.

The non-brokered private placement is for up to 18,181,818 common shares at a price of C$0.55 per share for gross proceeds of up to $C10,000,000.

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This article appears in: Investing , Commodities

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