Proceeds of brokered deal to implement an exploration drill program
By Devika Patel
Knoxville, Tenn., March 13 - Condor Resources plc said it completed a £2.5 million non-brokered private placement of shares. Ocean Equities Ltd. was the broker.
The company sold 50 million ordinary shares at 5p each. The price per share is a 14.97% discount to the March 12 closing share price of 5.88p.
Condor's chairman Mark Child invested £25,000 and Roger Davey, a non-executive director, invested £20,000. Galloway Ltd., a company owned by a trust for which non-executive director Jim Mellon is a beneficiary, invested £250,000.
Proceeds will be used to implement an exploration drill program on the La India Project in Nicaragua and for cash installment payments due in connection with the acquisition of the Espinito Mendoza concession.
The gold and silver exploration company is based in London.
| Issuer: | Condor Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £2.5 million
|
| Shares: | 50 million
|
| Price: | 5p
|
| Warrants: | No
|
| Broker: | Ocean Equities Ltd.
|
| Investors: | Mark Child (for £25,000), Roger Davey (for £20,000) and Galloway Ltd. (for £250,000)
|
| Settlement date: | March 13
|
| Stock symbol: | London: CNR
|
| Stock price: | 5.88p at close March 12
|
| Market capitalization: | £32.1 million
|
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