TIDMCNR
RNS Number : 9802M
Condor Gold PLC
27 January 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming, Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
27 January 2021
Condor Gold Plc
("Condor Gold","Condor" or the "Company")
Director Share Purchase Through Exercise of Warrants and Receipt
of GBP484,375
Condor Gold (AIM: CNR; TSX: COG) announces that pursuant to
receipt of notice for the exercise of warrants from Jim Mellon, a
Non-Executive Director of the Company, it is issuing 1,562,500 New
Ordinary Shares with a nominal value of 20p each in the capital of
the Company ("Shares") at a subscription price of 31p per Share.
The Company has received gross proceeds of GBP484,375 (the
"Purchase").
Accordingly, further to the Purchase, Jim Mellon owns directly
and indirectly a shareholding of 20,289,463 Ordinary Shares.*
* Jim Mellon owns a direct and indirect aggregate shareholding
of 20,289,463 Ordinary Shares or 16.8% of the Company. The direct
interest is in 2,889,883 Ordinary Shares and the indirect interest
is in 17,399,580 Ordinary Shares held through Galloway Limited.
Galloway Limited is wholly owned by Burnbrae Group Limited, which
is wholly owned by Jim Mellon.
Application has been made for the Shares to be admitted to
trading on AIM ("Admission"), with Admission expected to occur by
circa 1 February 2021.
The Shares will rank pari passu with the existing Ordinary
Shares, including the right to receive all dividends and other
distributions declared after the date of their issue.
Following Admission of the Shares, the Company will have
120,903,508 ordinary shares with a nominal value of 20p each in
issue with voting rights and admitted to trading on AIM and the
TSX. 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 and National
Instrument 62-103 - The Early Warning System and Related Take-Over
Bid and Insider Reporting Rules of the Canadian securities
administrators.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as described above.
Jim Mellon
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name Jim Mellon
-------------------------- -----------------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status Non-Executive Director
-------------------------- -----------------------------------------
b) I nitial notification Initial
/Amendment
-------------------------- -----------------------------------------
3 Details of t he issu er, e mission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
---------------------------------------------------------------------
a) Name Condor Gold plc
-------------------------- -----------------------------------------
b) LEI 213800PFKETQA86RHL82
-------------------------- -----------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
---------------------------------------------------------------------
a) Description of the 1,562,500 Ordinary shares of 20 pence
financial instrument, each in Condor Gold plc
t ype of instrument
I d e ntification ISIN GB00B8225591
code
-------------------------- -----------------------------------------
Nature of the transaction Purchase of Ordinary shares as described
above
-------------------------- -----------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
31 pence 1,562,500
-----------
-------------------------- -----------------------------------------
d) Aggregated information n/a
-------------------------- -----------------------------------------
e) Date of the transaction 27 January 2021
-------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM (XLON)
-------------------------- -----------------------------------------
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR."
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited Roland Cornish and James Biddle
+44 (0) 20 7628 3396
SP Angel Corporate
Finance LLP Ewan Leggat
+44 (0) 20 3470 0470
Blytheweigh Tim Blythe and Megan Ray
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM in May 2006 and dual listed
on the TSX in January 2018. The Company is a gold exploration and
development company with a focus on Nicaragua.
In August 2018, the Company announced that the Ministry of the
Environment in Nicaragua had granted the Company an Environmental
Permit for the development, construction and operation of a
processing plant with capacity to process up to 2,800 tonnes per
day at its wholly-owned La India gold project ("La India Project").
The Environmental Permit is considered to be the master permit for
mining operations in Nicaragua. Condor Gold published a
Pre-Feasibility Study ("PFS") on the La India Project in December
2014, as summarised in the Technical Report as defined below. The
PFS details an open pit gold Mineral Reserve in the Probable
category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing
80,000 oz gold per annum for seven years. La India Project contains
a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in
the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold
in the Inferred category. The Indicated Mineral Resource is
inclusive of the Mineral Reserve. A gold price of $1,500/oz and a
cut-off grade of 0.5g/t and 2.0g/t gold were assumed for open pit
and underground resources respectively. A cut-off grade of 1.5g/t
gold was furthermore applied within a part of the Inferred
Resource. Mineral Resources are not Mineral Reserves and do not
have demonstrated economic viability. There is no certainty that
any part of the Mineral Resources will be converted to Mineral
Reserves.
Environmental Permits have also been granted in April and May
2020 in relation to the Mestiza and America open pits respectively,
both located in the vicinity of the La India Project. The Mestiza
open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz
contained gold) in the Indicated Mineral Resource category and
341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the
Inferred Mineral Resource category . The America open pit hosts 114
Kt at a grade of 8.1 g/t gold (30,000 oz contained gold) in the
Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t
gold (67,000 oz contained gold) in the Inferred Mineral Resource
category. Following the permitting of the Mestiza and America open
pits, together with the La India open pit Condor has 1.12M oz gold
open pit Mineral Resources permitted for extraction, inclusive of a
Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.
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.
Qualified Persons
The technical and scientific information in this press release
has been reviewed, verified and approved by Andrew Cheatle, P.Geo.,
who is a "qualified person" as defined by NI 43-101.
Technical Information
Certain disclosure contained in this news release of a
scientific or technical nature has been summarised or extracted
from the technical report entitled "Technical Report on the La
India Gold Project, Nicaragua, December 2014", dated November 13,
2017 with an effective date of December 21, 2014 (the "Technical
Report"), prepared in accordance with NI 43-101. The Technical
Report was prepared by or under the supervision of Tim Lucks,
Principal Consultant (Geology & Project Management), Gabor
Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons,
Principal Consultant (Resource Geology), each of SRK Consulting
(UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd.,
each of whom is an independent "qualified person" as defined by NI
43-101 .
Forward Looking Statements
All statements in this press release, other than statements of
historical fact, are 'forward-looking information' with respect to
the Company within the meaning of applicable securities laws,
including statements with respect to: Mineral Reserves and
Resources at La India Project. Forward-looking information is
often, but not always, identified by the use of words such as:
"seek", "anticipate", "plan", "continue", "strategies", "estimate",
"expect", "project", "predict", "potential", "targeting",
"intends", "believe", "potential", "could", "might", "will" and
similar expressions. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management at the date the statements are made
including, among others, assumptions regarding: future commodity
prices and royalty regimes; availability of skilled labour; timing
and amount of capital expenditures; future currency exchange and
interest rates; the impact of increasing competition; general
conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by
governmental agencies; the receipt of required permits; royalty
rates; future tax rates; future operating costs; availability of
future sources of funding; ability to obtain financing and
assumptions underlying estimates related to adjusted funds from
operations. Many assumptions are based on factors and events that
are not within the control of the Company and there is no assurance
they will prove to be correct.
Such forward-looking information involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to: mineral
exploration, development and operating risks; estimation of
mineralisation, resources and reserves; environmental, health and
safety regulations of the resource industry; competitive
conditions; operational risks; liquidity and financing risks;
funding risk; exploration costs; uninsurable risks; conflicts of
interest; risks of operating in Nicaragua; government policy
changes; ownership risks; permitting and licencing risks; artisanal
miners and community relations; difficulty in enforcement of
judgments; market conditions; stress in the global economy; current
global financial condition; exchange rate and currency risks;
commodity prices; reliance on key personnel; dilution risk; payment
of dividends; as well as those factors discussed under the heading
"Risk Factors" in the Company's annual information form for the
fiscal year ended December 31, 2019 dated March 31, 2020, available
under the Company's SEDAR profile at www.sedar.com .
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHBFMLTMTITBFB
(END) Dow Jones Newswires
January 27, 2021 02:00 ET (07:00 GMT)
Condor Gold (LSE:CNR)
Historical Stock Chart
From Apr 2024 to May 2024
Condor Gold (LSE:CNR)
Historical Stock Chart
From May 2023 to May 2024