Good news that our CFO is investing more in the company - but it means no market sensitive news due soon.
Condor Gold (AIM: CNR; OTCQX;CNDGF; TSX: COG) announces that it has been informed today that on 11 April 2018, Jeffrey Karoly, Chief Financial Officer of the Company, purchased 45,000 ordinary shares of 20p each in the capital of the Company ("Ordinary Shares") at a price of �0.435 per Ordinary Share (the "Purchase").
It has been an interesting debate today and I can understand both sides of the debate. I don�t believe the company has been clear about how much is owed to Odey and how this will be paid off when due by the end of June but the board must believe it can repay the loans (from the $2 million upon commissioning) and other sources � otherwise they are would be trading insolvent. I suppose the other sources could be a further equity fund raising. However, SPMP are now very close to first production � a matter of weeks away and when revenues commence the debt repayments to the banks and shareholders will be easily covered. We know dividends to TSTR shareholders won�t be paid till 2020 but this is not that far away.
I am a long term shareholder and do not believe Odey will take the company private, but nothing is 100% certain.
I actually believe when the cash-cow starts the real opportunities will start which could include a further roaster in Oman funded by us or licensed elsewhere in the world. My guess is the former first especially when looking at a recent article (https://www.gtreview.com/news/mena/74274)
The aim of antimony roasting facility is to make Oman �a world hub for value-added mineral processing� and help the country as it aims to diversify its revenue streams.
I am here for the long term and the next 3 months will be very interesting.
SPMP bank funding in place - no more money needed from us :-)
"Construction of the plant is ongoing with over 600 people now working on site and overall completion is at 86%. The front end of the plant, comprising of the concentrate handling shed and concentrate dryer, is complete and ready for cold commissioning.
The plant is due to produce its first antimony metal in June 2018. SPMP expects the plant to then ramp up to a production rate of between 2,000-3,000 tonnes/month by the end of the year (circa 50% of design capacity)."
In the January RNS we were told "Commissioning of the OAR is expected to be delayed due to the late supply of switchgear and the required connection to main grid power."
I am guessing switchgear has arrived and there must be a commissioning date. It would be nice to know what the new commissioning date is/was - maybe it has even passed. Would be nice to know were we stand now and when the cash cow will be switched on.
Exciting times ahead and looking forward to being told about the the first production and sale of antimony and gold !!