Business
Condor Resources Completes Private Placement Offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Condor Resources Inc.
[{"type":"text","content":"Condor Resources Completes Private Placement OfferingNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC / ACCESS Newswire / May 8, 2025 / Condor Resources Inc. (\"Condor\" or the \"Company\") (TSXV:CN) is pleased to announce that it has completed its previously announced non-brokered private placement (the \"Offering\"). The Offering received conditional approval from the TSX Venture Exchange (\"TSXV\") on April 15, 2025.On May 8, 2025, under the Offering, the Company issued an aggregate of 8,758,333 units of the Company (each, a \"Unit\") at a price of C$0.12 per Unit for aggregate gross proceeds of $1,051,000, of which 4,165,499 Units were issued pursuant to the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (the \"Listed Issuer Financing Exemption\").Pursuant to the Offering, each Unit consisted of (i) one common share of the Company (a \"Share\") and (ii) one-half of one Share purchase warrant (a \"Warrant\"). A total of 4,379,166 Warrants will be issued and exercisable for a period of 36 months from the date of issuance (the \"Closing Date\") and will entitle the holder thereof to purchase one additional Share (a \"Warrant Share\"): (i) at an exercise price of $0.15 per Warrant Share if duly exercised on or before the date that is 24 months following the Closing Date; or (ii) thereafter at an exercise price of $0.20 per Warrant Share.The Company intends to use the net proceeds raised from the Offering for exploration at the Huinac Punta Project and the Pucamayo Project, and for general corporate purposes. The offering document required under the Listed Issuer Financing Exemption may be accessed under the Company's SEDAR+ profile and on the Company's website at https://condorresources.com.Certain insiders of the Company, including Crescat Portfolio Management LLC (\"Crescat\") and certain directors of the Company (collectively, the \"Related Parties\") subscribed for an aggregate of 4,592,834 Units for aggregate proceeds of $551,140 under the Offering. As a result, the Offering constituted a \"related party transaction\" within the meaning of Policy 5.9 of the TSXV and Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied on the exe...