=======================================================================
Re: News Releases - Wednesday, August 25, 2010
Condor Announces $975,000 Financing
=======================================================================
Vancouver, B.C., August 25, 2010 -- Condor Resources Inc. - ("Condor"
or the "Company") (TSX.V: CN) is pleased to announce that it has
arranged a non brokered private placement to raise gross proceeds of up
to $975,000 (the "Offering"). The private placement will consist of up
to 3,000,000 units at a price of $0.325 per unit (the "Units"), with
each Unit consisting of one common share and one half of one
transferable common share purchase warrant (a "Warrant"). Each whole
Warrant will entitle the holder to purchase one additional common share
of the Company at a price of $0.375 until the first anniversary of the
Closing and thereafter at a price of $0.40 per Warrant Share until the
second anniversary of the Closing. Finder's fees will be paid in
connection with the private placement.
All the securities issued pursuant to this private placement will be
subject to a four (4) month hold period. Completion of the Offering is
subject to receipt of all required regulatory and other approvals,
including acceptance by the TSX Venture Exchange.
The net proceed of the Offering will be used for the exploration of the
Pucamayo Property in Peru, for further exploration of the Condo 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 Carey Lotz at 1-866-642-5707, or
by email at: info@condorresources.com
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.
=======================================================================
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 Wed Aug 25, 2010 at 9:39:17 AM Pacific Time
=======================================================================
.
|
Condor Resources Inc.
|
|
EXPLORATION STAGE |
CODE : CN.V |
ISIN : CA20676U1049 |
|
| |
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$ 16.3 millions as of today (US$ 11.9 millions, € 11.2 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. |