CDU:
>>Placees include the Prudent Bear Fund, Silver Standard Resources Inc., PanAmerica Capital Group Inc. Richard Sacks and 11 other placees.<<
Cardero Resource closes $2.91-million financing
Cardero Resource Corp CDU
Shares issued 16,139,974 Jan 2 2003 close $ 2.02
Friday January 3 2003 News Release
Mr. Henk van Alphen reports
CARDERO CLOSES $2,910,000 NON BROKERED PRIVATE PLACEMENT
Cardero Resource has received regulatory approval and has closed its non-brokered private placement announced in Stockwatch Dec. 13, 2002. The private placement closed at 2,238,461 units at a price of $1.30 per unit raising gross proceeds of $2.91-million. Each unit consisted of one common share and one-half of a common share purchase warrant. One whole common share purchase warrant is exercisable to acquire one additional common share at a price of $1.60 for a period of one year expiring Dec. 27, 2003. The securities issuable in the private placement, including any common shares issued on the exercise of the warrants, have a hold period of four months to April 28, 2003. Finder's fees were payable in respect of portions of this private placement.
Placees include the Prudent Bear Fund, Silver Standard Resources Inc., PanAmerica Capital Group Inc. Richard Sacks and 11 other placees.
The gross proceeds of $2.91-million will be used to finance exploration programs on the company's Providencia and Chingolo projects in Argentina, its Mexican properties and for property investigations and potential acquisitions, as well as for general working capital.
Cardero also announces that, effective Jan. 2, 2003, it has arranged to settle the sum of $250,000 owing to Pacific International Securities Inc. by the issuance of 247,524 non-transferrable common share purchase warrants. Each warrant will be exercisable to acquire one common share at a price of $2.02 for a period of one year from the date of issuance. These securities will be subject to a hold period of four months from the date of issuance. The debt settlement is subject to acceptance for filing by the TSX Venture Exchange on behalf of the company.
These securities will not be registered with the U.S. Securities and Exchange Commission and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Unites States Securities Act of 1933 and any applicable state securities laws.
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