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Re: News Releases - Monday, January 25, 2010
$3 Million Brokered Private Placement
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NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia; January 25, 2010 -- Condor Resources Inc.
(the "Corporation") is pleased to announce that subject to regulatory
approval, it has negotiated a brokered private placement with Dundee
Securities Corporation (the "Agent") for the sale of up to 10,000,000
units (the "Units") at a price of $0.30 per Unit for gross proceeds of
up to $3,000,000 (the "Offering"). Each Unit will be comprised of one
common share and one-half of one non-transferable common share purchase
warrant. Each full warrant will be exercisable into one common share of
the Corporation at an exercise price of $0.40 for a period of 12 months
from the closing date.
As consideration to the Agent, the Corporation has agreed to pay a
commission of 6.0% of the total proceeds raised upon closing and issue
Agent's warrants ("Agent's Warrants") equal in number to 6.0% of the
number of Units issued pursuant to this Offering. Each Agent's Warrant
will be exercisable to acquire one common share at $0.40 expiring 12
months after the closing date. The shares issued under this financing
will be subject to a four month hold period from the date of closing of
the offering.
The Corporation intends to use the net proceeds of the Units sold under
the Offering for the exploration of the Pucamayo Property in Peru, for
further exploration of the Condor de Oro Property, Peru, and for
working capital.
About Condor Resources Inc.
Condor Resources Inc. was incorporated in 2003 by field exploration
specialists focused on the generation of gold and copper projects in
South America, where management has extensive experience and a proven
track record of discovery. The Company's long term objective is the
discovery of a major new gold and/or base metal deposit, and its
business plan offers shareholders access to an exciting and growing
portfolio of discovery stage properties, including six 100% owned
projects in Chile, and seven projects in Peru, each offering a unique
path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707,
or by email at: info@condorresources.com
This news release does not constitute an offer to sell or solicitation
of an offer to sell any securities in the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any
state securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
Cautionary Statement Regarding Forward-Looking Information: All
statements, trend analysis and other information contained in this
press release relative to markets about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of words
such as "seek", "anticipate", "believe", "plan", "estimate", "expect"
and "intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. Forward-looking statements are subject to business and
economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those contained
in the forward-looking statements. Forward-looking statements are based
on estimates and opinions of management at the date the statements are
made. The Corporation does not undertake any obligation to update
forward-looking statements even if circumstances or management's
estimates or opinions should change. Investors should not place undue
reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release.
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Copyright (c) 2010 CONDOR RESOURCES INC. (CN) All rights reserved.
For more information visit our website at
http://www.condorresources.com/ or send mailto:news@condorresources.com
Message sent on Mon Jan 25, 2010 at 2:00:09 PM Pacific Time
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Condor Resources Inc.
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EXPLORATION STAGE |
CODE : CN.V |
ISIN : CA20676U1049 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Condor Res. is a silver and gold exploration company based in Canada. Condor Res. holds various exploration projects in Argentina, in Chile and in Peru. Its main exploration properties are CONDOR DE ORO, CHAVIN, LA LIBERTAD, PUCAMAYO, CONDORO and OCROS in Peru and EL DORADO ARGENTINA SALTA in Argentina. Condor Res. is listed in Canada and in United Kingdom. Its market capitalisation is CA$ 18.4 millions as of today (US$ 13.5 millions, € 12.2 millions). Its stock quote reached its highest recent level on February 04, 2011 at CA$ 3.70, and its lowest recent point on February 05, 2016 at CA$ 0.02. Condor Res. has 102 060 000 shares outstanding. |