After consultations with its underwriters, El Condor Resources (VSE) recently increased the size of its proposed financing to $7.2 million from the previously planned $6 million.
As a result, the company expects to issue an aggregate of 1.8 million units, a portion of which will be flow-through.
The units include a share plus half a warrant. Two warrants give the holder the right to purchase an additional share at $4.25 to the end of this year. El Condor plans to use the funds for exploration and development work on its 60% owned South Kemess copper-gold project in north-central British Columbia. The remaining 40% of the project is owned by St. Philips Resources (VSE).
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