Vancouver-based Cardero Resource (CDU-V) has raised a shade over $2.9 million via the private placement of more than 2.2 million units at $1.30 apiece.
Each unit comprises one share plus half a share purchase warrant. One warrant can be exercised for one share at $1.60 per share for one year. The of the shares carry a four-month hold period.
Cardero plans to use the proceeds to fund exploration programs on its Providencia and Chingolo projects in Argentina, and on its properties in Mexico. The company is also looking at some possible acquisitions.
Cardero has also stuck a deal to convert $250,000 owed to Pacific International Securities into 247,524 non-transferrable common share purchase warrants. Each warrant is exercisable for one share at $2.02 per share for one year. The securities have a four-month hold period. The plan needs the approval of the TSX Venture Exchange.
Cardero’s shares were trading 38 or nearly 19% higher at $2.40 in late afternoon trading in Vancouver on Jan. 3.
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