April 23, 2013: Vancouver, B.C. – Cardero Resource Corp. (Stock Profile – TSX:CDU & NYSE-MKT:CDY) has successfully completed a private placement financing of senior secured notes to raise net proceeds of $5,077,000 ($5-million (U.S.)). A portion of the net proceeds of the private placement was advanced to Cardero Coal Ltd., thereby enabling Cardero Coal Ltd. to exercise its option to acquire the shares of a private company that holds four coal licences which form part of the Carbon Creek metallurgical coal project.
Exercise of Coal Licence Option
Cardero Coal Ltd. exercised its option to acquire the shares on April 22, 2013. Consideration for the exercise was payment of total consideration of cash in the amount of $5-million (of which $2-million had been previously paid and $3-million was paid on the exercise of the option) plus the issuance by the company of 400,000 common shares of Cardero to the optionor. Immediately following the exercise of option, the private company has been wound up and the coal licences and other assets of the private company were transferred to Cardero Coal Ltd.
To read more about the financing – CLICK HERE.