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Condor Closes $990,000 Private Placement Financing, Dr. Quinton Hennigh Appointed Director, Options Granted
VANCOUVER, BC / ACCESSWIRE / June 19, 2020 / Condor Resources Inc. ("Condor" or the "Company...
About this update from Condor Resources Inc.
[{"type":"text","content":"Condor Closes $990,000 Private Placement Financing, Dr. Quinton Hennigh Appointed Director, Options GrantedVANCOUVER, BC / ACCESSWIRE / June 19, 2020 / Condor Resources Inc. (\"Condor\" or the \"Company\") (TSXV:CN) is pleased to announce that it has closed the non brokered private placement to raise gross proceeds of $990,000, as announced in our June 2, 2020 news release.The private placement consisted of 13.2 million units priced at $0.075 per unit, with each unit consisting of one common share and one share purchase warrant. Each warrant will be exercisable into one common share for a period of three years, at an exercise price of $0.115 per share during the first year, and thereafter at an exercise price of $0.15. No commissions or finder's fees are payable on the private placement. All the securities issued pursuant to this private placement will be subject to a four month hold period. Insiders of the Company purchased 600,000 units of the private placement. Proceeds will be used to drill the Company's Pucamayo gold-silver-copper project in Peru, and for working capital.Crescat Capital LLC subscribed for 12 million units of the placement, and upon closing became a significant shareholder of the Company. Crescat is a global macro asset management firm headquartered in Denver, Colorado, deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat's investment goals are to provide industry leading absolute and risk-adjusted returns over complete business cycles.Regarding Crescat's investment in Condor, Chief Investment Officer, Kevin Smith explained: \"We are taking friendly activist positions in a select portfolio of precious metals exploration companies around the globe today. It is one of Crescat's most timely and important macro themes. Each of our portfolio companies has been carefully vetted and controls a potentially large and highly economic discovery. We are bringing capital and expertise to the table to advance these world class deposits.\"As a condition of Crescat's participation, Crescat and Condor have agreed to the appointment of Dr. Quinton Hennigh to Condor's board of directors, and Quinton's participation in the private placement.Dr. Hennigh is an internationally known economic geologist, with over 25 years of exploration experience and expertise with major gold mini...