12:56:33 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Condor Resources Inc
Symbol CN
Shares Issued 102,057,308
Close 2018-06-14 C$ 0.08
Market Cap C$ 8,164,585
Recent Sedar Documents

Condor gets approval for early warrant exercise program

2018-06-15 17:01 ET - News Release

Mr. Lyle Davis reports

CONDOR ANNOUNCES EARLY WARRANT EXERCISE INCENTIVE PROGRAM

Condor Resources Inc. has received conditional TSX Venture Exchange acceptance to a warrant exercise incentive program designed to encourage the early exercise of up to 7.66 million (of 10.15 million) of its outstanding unlisted warrants. The warrants are currently exercisable at a price of 7.5 cents per common share until Oct. 10, 2018, Oct. 21, 2018, or Nov. 13, 2018. Insiders and pros are restricted in participating in the incentive program to an aggregate of 1,015,000.

The warrants were originally issued by the company as part of a unit private placement financing first announced on Oct. 3, 2013, which closed in three tranches, Oct. 11, 2013, Oct. 22, 2013, and Nov. 14, 2013. Pursuant to the incentive program, the company is offering an inducement to each warrant holder that exercises their warrants during the 20-calendar-day early exercise period, by the issuance of one additional share purchase warrant for each warrant exercised early. Each new warrant will entitle the holder to purchase one additional share for a period of 12 months from the date of the issuance of such incentive warrant, at a price of 10 cents. The early exercise period will commence on June 17, 2018, and expire July 6, 2018. The incentive warrants will be subject to a four-month hold period from the date of issuance.

Warrant holders who take advantage of the opportunity to exercise their warrants early will strengthen the company's current cash position and provide additional working capital to accelerate exploration programs on the company's Pucamayo project, as well as permitting applications on the company's Andrea and Huinac Punta projects.

Depending on the number of warrants exercised during the early exercise period, the company expects to: 1) receive gross proceeds of up to $574,875; 2) issue up to 7.665 million shares pursuant to the exercise of warrants; and 3) issue up to 7.665 million incentive warrants to warrant holders who exercise their warrants during the early exercise period.

A warrant holder may exercise all or some of their warrants. Any warrants that are not exercised during the early exercise period will remain outstanding and continue to be exercisable for shares under their current terms. The company will not be offering incentive warrants to holders of warrants who have previously exercised their warrants, of which 2.35 million have been exercised.

The terms and conditions of the incentive and the method of exercising the warrants pursuant to the incentive program are set forth in a letter which is being delivered to the registered address of each eligible warrant holder, along with a form of subscription agreement to be completed by the warrant holder.

The form of the subscription agreement will also be posted on the company's website. Holders of the warrants who elect to participate in the incentive program will be required to deliver to the company at suite 520, 800 West Pender St., Vancouver, B.C., V6C 2V6, by 4:30 p.m. PT, on or before July 6, 2018, the following:

  • Duly completed and executed subscription agreement;
  • A duly completed and executed share purchase warrant subscription form attached as the last page to their original warrant certificate;
  • Their original warrant certificate;
  • The applicable funds due to exercise their warrants, payable to the company by way of certified cheque, money order, bank draft or wire transfer.

The incentive program is subject to receipt of all regulatory approvals, including the final approval of the TSX Venture Exchange.

Condor is an explorer and project generator focused exclusively on Peru, and the company's objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development are managed by the company's Lima-based exploration team.

© 2024 Canjex Publishing Ltd. All rights reserved.