Vancouver, B.C., March 27, 2015 – Condor Resources Inc. – (“Condor” or the “Company”) (TSXV: CN) is pleased to announce that it has closed the non-brokered private placement announced February 26, 2015.
The private placement was oversubscribed, and the Company issued 4.5 million units at a price of $0.05 per unit, with each unit consisting of one share and one warrant. One warrant is exercisable at $0.05 per share prior to March 28, 2017. All the securities issued are subject to a four month hold period expiring July 28, 2015.
After the four month hold period, the Warrants are subject to an accelerated expiry. If the closing price equals or exceeds $0.10 per share for 10 consecutive trading days, then the exercise period of the Warrants shall be reduced to 30 days, with the reduced period commencing seven calendar days following the tenth consecutive trading day.
No commissions or finder’s fees were paid in connection with the private placement.
The net proceeds of the private placement will be used for working capital, and to support the Company’s project generation activities.
Condor is a project generator focused exclusively on Peru and Chile, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com
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.
