Condor Gold PLC - Gold exploration company with operations focused on Nicaragua - Notes that Galloway Ltd, owned by Condor Gold Chair Jim Mellon's Burnbrae Group Ltd, sends notice to Condor Gold which will result in the issue of 6.7 million new shares at an issue price of 15p per share to raise GBP1 million. Condor Gold has approval for the shares to be listed on the Toronto Stock Exchange. Condor Gold adds that it is in discussions with other shareholders who have expressed interest in investing alongside the chair and largest shareholder on the same terms, with an update to be provided shortly. Chair Jim Mellon says: "I continue to be impressed with the asset sale process. We are very aware of the value of our assets and will maximise value for all shareholders. My investment of a further GBP1 million is designed to ensure sufficient financial runway during the sales process until a desired price is achieved."
Condor Gold says that the fundraise is regarding a feasibility study on the La India open pit in Nicaragua. After the study last month, it had appointed H&P Advisory Ltd to seek a buyer for the assets of the company. That month, Condor Gold said it had received three formal expressions of interest for the acquisition of its La India gold project. Further, it had said the sales process for the project was entering its first phase, with multiple parties having conducted site visits, while others were ongoing.
Current stock price: 15.35 pence, up 9.6% on late Tuesday morning in London
12-month change: down 16%
By Tom Budszus, Alliance News slot editor
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Condor Gold (CNR)