|By Marketwired .||
|October 3, 2013 03:10 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/03/13 -- Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has arranged a non brokered private placement to raise gross proceeds of up to $500,000 (the "Offering").The private placement will consist of up to 10,000,000 units at a price of $0.05 per unit (the "Units"), with each Unit consisting of one share and one non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.075 until the fifth anniversary of the Closing.
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 working capital.
In addition, the Company announces the appointment of Lyle Davis as President of the Company in addition to his position as Chief Executive Officer. The Board wishes to thank Patrick Burns, the outgoing President, for his contributions to the Company as the founding director of the Company and as a senior officer for the past ten years. It was Mr. Burns' vision and expertise which led to the formation of the Company, and under his guidance the Company has assembled a valuable portfolio of properties in Chile and Peru. Mr. Burns resides in Argentina, and the Company has benefitted greatly from his local knowledge and experience in South America. The Board looks forward to Mr. Burns' continued contributions to the Company as a director.
The Company is also pleased to advise that Mr. Darcy Krohman, P. Geo., C.A., has joined the Company's Technical Advisory Board. Mr. Krohman is a Chartered Accountant and Professional Geologist and has completed a Certificate in Mining Law from Osgoode Hall Law School. He has over 30 years of experience providing management, technical, corporate finance, financial reporting and regulatory expertise to public companies, the securities industry and regulatory bodies. He has held offices of CEO, CFO, and VP Exploration, and been a Director and Qualified Person for several public mining and mineral exploration companies. Specific experience includes management of exploration programs and development of open-pit and underground mining operations; regulatory and financial reporting and compliance; due diligence evaluations, valuations, fairness opinions to support M&A transactions; mining industry and company research; and design of industry specific accounting and auditing systems and Internal Controls over Financial Reporting. In addition to being a contributor to several feasibility, pre-feasibility, preliminary assessments/scoping studies and NI 43-101 technical reports, he has extensive international experience with precious and base metal projects in North, South & Central America, Europe, Australia, Asia, the Caribbean and the South Pacific.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
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.
Condor Resources Inc.