VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2017) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has closed the $500,000 private placement financing with Sandstorm Gold Ltd. ("Sandstorm"), as announced in our news release of January 30th.
The private placement consisted of 6,666,667 units at $0.075, with each unit consisting of one common share and one warrant. Each warrant is exercisable at $0.15 into one common share for a period of five years. No commissions or finder's fees were paid in connection with the private placement. On closing, Sandstorm owns approximately 6.8% of Condor's issued capital.
In addition to the private placement, the $500,000 Royalty Sale to Sandstorm, as described in our January 30th news release, had closed previously.
Proceeds from the private placement and the Royalty Sale will be used for exploration and general corporate purposes.
Condor is an explorer and project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
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 Company 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.