LONDON (Alliance News) - Condor Gold PLC said Wednesday that it has renegotiated its final payment of USD450,00 for the La Mojarra Concession in Nicaragua to an all share payment.
It will now settle the final payment through the issue of 286,134 new shares at the price of 100 pence.
The total consideration for the concession was USD1.0 million; it agreed to acquire the concession in October 2012, from an unnamed seller.
The company said that "significant gold intercepts" have been defined at 50 meters below the surface at La Mojarra.
Shares in Condor Gold were trading 6.4% lower at 93.10 pence per share Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Condor Gold (CNR)