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(Alliance News) - Condor Gold PLC said Tuesday that Condor SA, its wholly-owned subsidiary in Nicaragua, is selling the "non-core Potrerillos exploration and exploitation concession" to Nicoz Resources SA for USD600,000 in cash.
The gold exploration and development company said the transfer is subject to approval by the approval by the Nicaraguan Ministry of Mines and Energy by the end of May 2020.
Within five days of the transfer being approved by the Nicaraguan Ministry of Mines & Energy, taxes amounting of up to USD90,000 will become due to the fiscal authorities in Nicaragua, being 15% of the agreed consideration value of USD600,000 and which the parties have agreed to bear equally, Condor Gold said.
To this extent USD600,000 in cash has been paid by Nicoz to Condor and USD45,000 has been placed by each of the parties into an escrow account with a third-party agent, to be released and paid out upon approval of the transfer.
The Potrerillos concession comprises 12 square kilometres of sub surface mineral rights and is located in Nuevo Segovia in the north of Nicaragua, adjacent to and along strike from Mako's San Albino gold project and which includes the former San Albino mine.
Condor Gold shares were down 0.3% in London at 18.70 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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