CNR Condor Gold

Condor Gold Closes Previously Announced Private Placement of Units for Aggregate Gross Proceeds of £3.25 Million

Condor Gold Closes Previously Announced Private Placement of Units for Aggregate Gross Proceeds of £3.25 Million

LONDON, June 17, 2022 (GLOBE NEWSWIRE) -- Condor Gold (AIM: CNR; TSX: COG) is pleased to announce the closing of its previously announced placing of 11,607,149 units of the Company (“Units”) at a price of 28p per Unit (the “Placing”), including a Directors subscription of 1,833,573 Units, for aggregate gross proceeds of £3.25 million before expenses (the “Proceeds”).

Each Unit is comprised of one ordinary share of 20p each in the Company (each, an “Ordinary Share”) and one-half of one Ordinary Share purchase warrant (each whole Ordinary Share purchase warrant, a “Warrant”). Each Warrant, which is unlisted and fully transferable, entitles the holder thereof to purchase one Ordinary Share at a price of 35p for a period of 36 months from the date on which the shares are issued pursuant to the Placing.

The Proceeds have been received by the Company, and the Placing Shares were admitted to trading on AIM on 17 June 2022.

TSX Matters

The Company is relying on the exemption provided for pursuant to Section 602.1 of the TSX Company Manual (the “Manual”) from the requirements of the Manual and the Toronto Stock Exchange (the “TSX”) related to the Placing, as the Company is an “Eligible Interlisted Issuer” as defined in the Manual.

For further information please visit  or contact:

Condor Gold plcMark Child, Chairman and CEO



+44 (0) 20 7493 2784
 
Beaumont Cornish LimitedRoland Cornish and James Biddle



+44 (0) 20 7628 3396
 
SP Angel Corporate Finance LLP



Ewan Leggat



+44 (0) 20 3470 0470
 
H&P Advisory LimitedAndrew Chubb and Nilesh Patel



0
 
BlytheRayTim Blythe and Megan Ray



+44 (0) 20 7138 3204
 

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit (“EP”) for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold Project (“La India Project”). The EP is considered the master permit for mining operations in Nicaragua. Condor has purchased a new SAG Mill, which has mainly arrived in Nicaragua. Site clearance and preparation is at an advanced stage.

La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 M oz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 M oz gold in the Inferred category. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India Open Pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for extraction.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Qualified Persons

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., who is a “qualified person” as defined by NI 43-101 and Gerald D. Crawford, P.E., who is a “qualified person” as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled “Technical Report on the La India Gold Project, Nicaragua, October 2021”, dated October 22, 2021, with an effective date of September 9, 2021 (the “Technical Report”), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent “qualified person” as defined by NI 43-101.



EN
17/06/2022

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Condor Gold

Hybridan Small Cap Feast - 17 May 24

17th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech...

Sacha Morris
  • Sacha Morris

Hybridan Small Cap Feast 21 07 2023

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: Star Phoenix Group (STA.L) has left AIM. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segm...

 PRESS RELEASE

EQS-News: Condor Gold entertaining potential buyers for La India gold ...

EQS-News: Condor Gold PLC Condor Gold entertaining potential buyers for La India gold project 30.11.2022 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. Contact DetailsProactiveProactive UK Ltd 3News Source: News Direct 30.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at -news.com Language...

 PRESS RELEASE

Mineral Resource Update for La India Project of 9.7 Mt at 3.5 g/t gold...

Mineral Resource Update for La India Project of 9.7 Mt at 3.5 g/t gold for 1,088,000 oz gold in the Indicated Category and 8.8 Mt at 4.3 g/t gold for 1,190,000 oz gold in the Inferred Category GODALMING, United Kingdom, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Condor Gold (AIM: CNR; TSX: COG) is pleased to announce the results of an updated Mineral Resource Estimate (the “MRE”) on its 100% owned La India Project in Nicaragua. The updated MRE is 9,672 kt at 3.5g/t gold for 1,087,000 oz gold in the indicated mineral resource category and 8,642 kt at 4.3 g/t gold for 1,189,000 oz gold in the inferr...

 PRESS RELEASE

Condor Gold plc announces its unaudited results for the six months end...

Condor Gold plc announces its unaudited results for the six months ended 30 June 2022 GODALMING, United Kingdom, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Condor Gold (AIM: CNR; TSX: COG) announces that it has today published its unaudited financial results for the six months ending 30 June 2022 and the Management’s Discussion and Analysis for the same period. Both of the above have been posted on the Company’s website and are also available under the Company’s SEDAR profile at Highlights for the three and six months to 30 June 2022: On March 10, 2022, the Company announced that all assay re...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch