Condor Gold PLC IFC Exercises Non Dilute Clause (3979Y)
17 May 2016 - 4:00PM
UK Regulatory
TIDMCNR
RNS Number : 3979Y
Condor Gold PLC
17 May 2016
Condor Gold plc
7(th) Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 7493
2784
Fax: +44 020 74938633
17(th) May 2016
Condor Gold plc
("Condor" or "the Company")
The IFC Exercises Non Dilute Clause for GBP240,000 Increasing
Placement Proceeds to GBP2.818million
Condor (AIM:CNR), is pleased to announce that further to the
placing announced on 4(th) April 2016 (see RNS), which raised
GBP2.578million (the 'Placing"), the International Finance
Corporation (the "IFC"), the private sector arm of the World Bank,
has exercised a non-dilute clause contained in a shareholder's
agreement entered into between the IFC and the Company at the time
of the IFC's initial investment of GBP3.51million (see RNS dated
27(th) October 2014). The IFC is subscribing for 600,000 Units (as
defined below) on the same terms as the Placing for a gross
consideration of GBP0.24million (the "IFC Subscription"). The
Company has therefore raised gross proceeds of GBP2.818M being the
sum of the proceeds of the Placing and the IFC Subscription.
Details of the Placing
The Company completed a placement as principal of 6,445,000
Units (comprising of 6,445,000 ordinary shares and 4,296,667
Warrants) as announced on 4(th) April 2016 at a price of 40p per
Unit (the "Placing Price") and raised gross proceeds of
approximately GBP2.6million. The lead investor in the placing was
Ross Beaty who subscribed for GBP1.5million worth of Units. Mr
Beaty's investment followed a site visit and technical due
diligence. Mr Beaty is a Canadian mining entrepreneur with a
successful track record of both building mining companies and
developing mineral deposits for sale.
The Placing shares have been admitted to AIM. Each Unit
comprised of one ordinary share of 20p each in the Company
("Placing Share") and two thirds of one share purchase warrant of
the Company (a "Warrant"). Each Warrant, which is unlisted,
entitles the holder thereof to purchase one ordinary share at a
price of 60p (which is at a 50% premium to the Placing Price) for a
period of 24 months from the date on which the shares issued
pursuant to the Placing were admitted to trading on AIM (the
"Closing Date").
The IFC Subscription is for 600,000 Units (comprising of 600,000
ordinary shares and 400,000 Warrants) on the same terms as the
Placing, for a gross consideration of GBP0.24M. The Company has
therefore raised gross proceeds of GBP2.818million being the sum of
the proceeds of the Placing and the IFC Subscription.
The completion of the IFC Subscription is conditional, inter
alia, upon admission of the 600,000 ordinary shares (the "IFC
Placing Shares") subscribed for by the IFC being admitted to AIM.
Application is being made for the IFC Placing Shares, to be
admitted to trading on AIM ("Admission"), such Admission is
expected to occur on or around 31(st) May 2016. Following Admission
the IFC will maintain an 8.5% shareholding in the Company being
4,500,000 ordinary shares.
On Admission the Placing Shares will rank pari passu in all
respects with the existing ordinary shares of the Company,
including the right to receive all dividends and other
distributions declared after the date of their issue.
Following Admission the Company will then have 52,852,316
ordinary shares of 20p each in issue with voting rights and
admitted to trading on AIM. This figure may then be used by
shareholders in the Company as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
For further information please visit www.condorgold.com or
contact:
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Executive
Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Roland Cornish and
Limited James Biddle
+44 (0) 20 7628 3396
Numis Securities
Limited John Prior and James
Black
+44 (0) 20 7260
1000
Farm Street Media Simon Robinson
+44 (0) 7593 340107
About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31(st) May 2006. The
Company is a gold exploration and development company with a focus
on Central America.
Condor completed a Pre-Feasibility Study (PFS) and two
Preliminary Economic Assessments (PEA) on La India Project in
Nicaragua in December 2014. The PFS details an open pit gold
mineral reserve of 6.9M tonnes at 3.0g/t gold for 675,000 oz gold
producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit
only scenario details 100,000 oz gold production p.a. for 8 years
whereas the PEA for a combination of open pit and underground
details 140,000 oz gold production p.a. for 8 years. La India
Project contains a total attributable mineral resource of 18.4Mt at
3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t to the CIM
Code.
In El Salvador, Condor has an attributable 1,004,000 oz gold
equivalent at 2.6g/t JORC compliant resource. The resource
calculations are compiled by independent geologists SRK Consulting
(UK) Limited for Nicaragua and Ravensgate and Geosure for El
Salvador.
Disclaimer
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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