The share placement at 0.8c has been placed with a fund backed by boutique mining investment consultancy Beaufort Securities.

Condor said it could place stock of up to $2 million into the fund, and the placement would resolve its immediate cash requirements.

The company said the heads of agreement had also been completed for its $15.4 million funding package, which would help develop the Marianas iron ore project solely or as a joint venture.

“As Condor moves focus to highly prospective and near-term assets, we have had to leverage our near production asset Marianas and access the debt market,” Condor chairman Paul Crosio said.

“This means we can concentrate on high-quality tenements where there is a clear sight to production or sale to a major in the next two years.

“Marianas has allowed us to use the prospective cash flows from this project to access European debt markets and not return to the equity markets.”

The Duel coal project in South Africa sits between two already drilled licenses, and covers part of an already drilled seam.

Under the agreement, Condor can acquire a majority stake of up to 50.3% of The Duel and a set of nearby projects from Hong Kong-based Signet Coking Coal.

“Condor continues to focus on high-quality assets, but the board felt that restricting our geographic coverage to Chile has left Condor exposed to unacceptable sovereign risk,” Crosio said.

“We have actively sought to diversify this risk and have identified a suitable project in South Africa, which is on track to prove a significant hard coking coal resource in 2014.”