A previously announced $7.2-million financing by El Condor Resources (VSE) recently received regulatory approval, qualifying the distribution of 1.8 million units.
The company arranged the placement earlier this year through a combination of convertible promissory notes and flow-through unit purchases agreements. Each unit consists of one share and one non-transferable share-purchase warrant.
Two warrants give the holder the right to purchase an additional share at $4.25 until Dec. 31.
El Condor and St. Philips Resources (VSE) recently approved a $1-million fifth-phase program on their (60-40) South Kemess copper property about 200 miles north of Fort St. James, B.C.
Doug Forster, a spokesman for El Condor, said the upcoming program will include engineering studies and baseline environmental work as well as logistical studies on power and road options.
The engineering work will include the collection of a bulk sample for metallurgical testing.
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