Junior financing, acquisition roundup: Condor, Antioquia, Revelo, Azure

London-based Condor Gold said that the IFC, the World Bank's private sector arm, exercised a non-dilute clause in a shareholders' agreement and is subscribing to 600,000 units for a gross consideration of 240,000 pounds (US$346,723).

The company said in a press release it has therefore raised gross proceeds of 2.82mn pounds including a previously announced placing and the IFC subscription. The proceeds will be used for general working capital and to fully permit the La India gold project in Nicaragua.

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Calgary-based Antioquia Gold entered into an agreement to settle Cdn$5.9mn (US$4.57mn) of debt under an existing term loan with Infinita Prosperidad Minera, its largest shareholder, by issuing 84.3mn shares at a price of Cdn$.0.07, according to a statement.

After the transaction, Infinita will own and control 72% of the company's issued and outstanding common shares. Antioquia has the Cisneros gold project in Colombia.

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Vancouver-based Revelo Resources' Chilean subsidiary, Minera Serena Mining, established a joint venture with the local subsidiary of Newmont Mining, Minera Newmont (Chile), in order to own and manage the Montezuma project in the north of the country.

The JV is currently owned 51% by Newmont and 49% by Revelo, but Newmont has elected to acquire a further 14%, and has an option to earn up to 75%. Newmont plans to start drill testing the project in the third quarter, a press release from Revelo said.

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Australia's Azure Minerals acquired the San Agustín project in Mexico's Durango state by paying US$10,000 to the vendor, who retains a 1% net smelter royalty over future mineral production, the company said in a statement.