Cardero Closes First Tranche of Non-Brokered Financing
Cardero Resource Corp. (CDU.TO) has re-priced and closed the first tranche of its non-brokered private placement announced October 31, 2012 to raise gross proceeds of $3.6 million. It has also arranged a private placement of 8 million flow-through common shares at a price of $0.50 per share to raise gross proceeds of $4 million.
The net proceeds from the offering are intended to be used to fund the preparation of the bankable feasibility study, coal quality analyses and environmental baseline work on the Carbon Creek Metallurgical Coal project, as well as ongoing work programs and property payments on the Sheini Hills Iron Ore project in Ghana and for general working capital.
CDU has fallen to 43 cents by 2%, just a cent above day lows.
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