Vancouver, B.C., June 2, 2020 - Condor Resources Inc. - (“Condor” or the “Company”) (TSXV:CN) is pleased to announce that it has arranged a non brokered private placement to raise gross proceeds of up to $990,000. Closing is subject to regulatory approval, and is anticipated to occur within ten business days.
The private placement will consist of 13.2 million units priced at $0.075 per unit, with each unit consisting of one common share and one share purchase warrant. Each warrant will be exercisable into one common share for a period of three years, at an exercise price of $0.115 per share during the first year, and thereafter at an exercise price of $0.15. No commissions or finder’s fees are payable on the private placement.
All of the securities issued pursuant to this private placement will be subject to a four month hold period. Proceeds will be used to advance the Company’s Pucamayo gold-silver-copper project in Peru, and for working capital.
On closing, an institutional investor subscribing for the majority of the private placement will have the right to appoint a nominee to the Board of Directors of the Company.
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company’s Lima based exploration team.
ON BEHALF OF THE BOARD
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at email@example.com
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