Vancouver, British Columbia, February 19, 2010 – Condor Resources Inc. (the “Company” or “Condor”) is pleased to announce that it has closed the brokered private placement with Dundee Securities Corporation (the “Agent”) announced on January 28, 2010. A total of 11,000,000 units (the “Units”) were sold at a price of $0.30 per Unit for gross proceeds of $3,300,000. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.40 prior to February 20, 2011. The Units are subject to a hold period which expires June 20, 2010.
As consideration to the Agent, the Company has paid a commission of 6.0% in cash and has issued 648,000 Agent’s warrants. Each Agent’s Warrant entitles the Agent to purchase one common share at $0.40 prior to February 20, 2011.
The Corporation intends to use the net proceeds of the Offering for the exploration of the Pucamayo Property in Peru, for further exploration of the Condor de Oro Property, Peru, and for working capital.
About Condor Resources Inc.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper projects in South America, where management has extensive experience and a proven track record of discovery. The Company’s long term objective is the discovery of a major new gold and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects in Peru, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at: info@condorresources.com
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
