11:34:53 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Condor Resources Inc
Symbol CN
Shares Issued 91,808,241
Close 2017-01-27 C$ 0.09
Market Cap C$ 8,262,742
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Condor Resources arranges financing, royalty agreement

2017-01-30 16:28 ET - News Release

Mr. Lyle Davis reports

CONDOR ARRANGES FINANCING AND ROYALTY SALE WITH SANDSTORM GOLD LTD.; NET PROCEEDS OF $1 MILLION

Condor Resources Inc. has arranged a $500,000 private placement financing with Sandstorm Gold Ltd. Condor has also reached agreement with Sandstorm to grant royalties on six projects, sell a partial interest in two of its existing royalty streams and assign royalty buyback rights on two of its projects to Sandstorm in consideration of the payment of $500,000. Closing is subject to regulatory approval and is anticipated to occur within five business days.

The private placement will consist of 6,666,667 units at 7.5 cents, with each unit consisting of one common share and one warrant. Each warrant will be exercisable at 15 cents into one common share for a period of five years. No commissions or finders' fees are payable on the private placement. On closing, Sandstorm will own approximately 6.8 per cent of Condor's issued capital.

The package of assets in the royalty sale includes the grant of a 0.5-per-cent net smelter return royalty on Condor's Pucamayo, San Martin, Quriurqu, Humaya, Quilisane and Huinac Punta projects, the sale of 50 per cent of Condor's production royalties on the Chavin and Lucero projects, and the assignment of the royalty buyback rights on the Ocros concessions and the Pucamayo 14 concession (in both cases, a 1-per-cent NSR).

Proceeds from the private placement and the royalty sale will be used for exploration and general corporate purposes.

Condor president Lyle Davis noted: "We are delighted to have Sandstorm as a significant shareholder and appreciate their vote of confidence in our portfolio of projects in Peru. We believe the financing and royalty sale allows us to advance our projects, strengthen our balance sheet, and minimize shareholder and project dilution."

We seek Safe Harbor.

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