Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Three formal expressions of interest including 2 non-binding offers (subject to further due diligence) have been received by the Company and further offers are expected as nine companies are under a Non-Disclosure Agreement (NDA).
Moving up nicely 17/17.5 now. I think we could see over 20p today. Has to be a good punt on the back of todays news! Gold performing well in recent days too
I have added another 47k shares to take my average down to 20p. Hopefully Onion can pull off a deal at a significantly higher price than that. GLA
Finally the news we have been patiently waiting for. Better than I was expecting to be honest. This should now move up strongly in anticipation of a deal struck at a much higher price
Boooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooom!
That is the most important take from the RNS. But also the level of interest suggests we have a perfect scenario for a bidding war. An excellent start to the week.
for me this all is dissapointing... after years of waiting they will sell the project for peanuts... i'am sure after fees and management compensation nothing will be left for shareholders... all insiders will be served via the backdoor
LSE love the RNS so much they have posted 3 times, one for every party interested!
Those that sold in last few days must be gutted!
Better news than I expected. So good they released the RNS 3 times lol.
You would t want to be out over the weekend lol
It could be a big pay off for investors today and far better than expected. 2 offers already, several more expected and up to 9 offers if they all make an offer. We only need 2 for a bidding war and we have that :) Happy days have returned for Condof holders!
“ 2 non-binding offers (subject to further due diligence) have been received by the Company and further offers are expected as nine companies are under a Non-Disclosure Agreement (NDA)”
Not been a better time to sell a gold mine in the last 5 years i would say.
Wow. Could be a big exit and a bidding war for probably one of the best assets ready to mine. Must mean we are looking at $ 100m+ exit and share price today is barely a quarter of that. Mind the gap’
Nothing is ever a certainty until the money's in the bank.
A welcome RNS that should hopefully settle any nerves short term. 3 showing interest, 2 have made an offer. Of course they can all walk away but hopefully 1 of them comes though. No doubt there will be some opportunist offers so its down to JM/MC to negotiate the best offer they can.
Surely, at least one of the offers will be acceptable. Here's hoping, just remember though this is Condor and nothing ever happens quickly.
GLA.
The sales process is now entering the end of its first phase with various parties having conducted site visits and others ongoing. Three formal expressions of interest including 2 non-binding offers (subject to further due diligence) have been received by the Company and further offers are expected as nine companies are under a Non-Disclosure Agreement (NDA).
Mark Child, Chief Executive of Condor Gold, commented:
"I am currently in Nicaragua hosting site visits for gold producers conducting due diligence on Condor's La India Project. There are currently nine companies under a NDA, all of whom have access to a virtual data room, which includes all drill data, technical studies to Feasibility Study level, details of permits to construct and operate a mine and financial models. The Board is confident that a binding agreement will be reached. Investors will be updated in due course."
Cautionary Statement: Investors should note that, whilst the Board is encouraged by the process to date, there can be no guarantee that the Company will complete the sale of its assets.
Increasing holding on Monday
It took over 10 yrs to realise he hasn’t the knowledge to take this to production after spending 6.5 million on a plant a quarter of a million on a water turn out. Mc just taken the diss with other peoples money wanting to be the saviour of Nicaragua More chance of seeing the pope at the road show on london where mark is at the moment
Spot on 64 the mans a shark an now has no time for the investors who put Hm there
Simms, I know that Onion Head was always moaning that good drill results didn't shift the sp, mainly due to the negative gold sector sentiment at the time, but that doesn't mean drilling was pointless in the longer term. If the plan was always to sell then it would have made perfect sense to invest in more drilling, particularly on Cacao, so that we had a bigger JORC to present to prospective buyers. Instead we have a load of pie in the sky stuff about 14 million oz. Unfortunately anything not to JORC has precious little value. We have added hardly any new ounces in ten years. Onion inherited 1.1 million oz from the Soviets so he has added a paltry 1.3 million oz in the last 13 years. After a promising start as Chairman, his muddled thinking and timidity has created a shockingly bad return for long term investors and most of that is down to him.
In fairness Condor have over the years carried out drilling work and the share price did not budge and it was a waste of money to continue drilling on this basis as delivering 10m Jorc ounces would be considerable expenses. Condor knew that they must develop the mine or be acquired along the road and why they bought the mill so they could keep that option moving. However i am pretty sure that after Joe slammed Nic with some vote winning sanctions it pushed investors away from funding Condor in December and Condor probably knew they had to wait for things to settle. Therefore in the meantime having had some approaches of kind they thought why not see if we can get the $100m-$200m asset sale price while we wait to see how the market goes and keep some mementum going. Roll forward 3-4 months and there is a thaw between Nic and US after the prisoner release so it appears that the risk of further sanctions has been largely removed and were so small in nature it really should not have derailed investors as much as it did. Also gold has strengthened, asset rich miners are looking to how to deploy cash into ready to develop mines and so on. I feel that Condor today is in a better position than ever to find a buyer looking to pay decent money and if that fails to conclude the financing and progress the mine build. What i mostly hoped was that a partner would come out of the sale process and take a 50% stake and give us share holders a ride to production that would maximise what value we can and limit losses for many investors. Even at a takeout price of 40p i suspect the majority of investors will be in loss, especially factoring in the years they have invested. Lets hope for some news next week as the months are flying by.
Instead of buying a mill, he would have used the money better for drilling.
I think onion ass drowned in his targets....
Yep, Onion's performance has been dire. If the strategy was to sell why didn't he prove up more ounces over the last ten years to increase the value? He has been far too cautious.
Yuh, if the grades and recovery rates were so good way back in --- 2012? then maybe they should have started producing. I recall the recovery rates of Au from sediment using gravitation were pretty good which meant less emphasis on chemical leaching. Can't remember what the plan for waste water was tho' .
I mean, jeeez, I couldha' gone on holiday to Nic with a pan and extracted more gold by hand than this bunch have managed over the past 10 years.
Mc had his name changed by Depol to onion and pilot means in control or leadership which has been taken over by big Jim