Condor Resources Launches Private Placement Offering Up to $1.5 Million

Condor Resources Inc. has announced a non-brokered private placement offering, aiming to raise up to $1.5 million through the sale of units priced at $0.15 each. This initiative is part of the company's strategy to fund exploration projects and enhance its corporate activities.

Key Takeaways

• Offering Amount: Up to $1.5 million through the sale of 10 million units.
• Unit Composition: Each unit consists of one common share and one-half of a non-transferable common share purchase warrant.
• Warrant Details: Whole warrants are exercisable for 36 months at varying prices depending on the exercise period.
• Use of Proceeds: Funds will be allocated to exploration at the Huinac Punta and Pucamayo projects, along with general corporate purposes.
• Regulatory Compliance: The offering will comply with National Instrument 45-106 and will be available in all Canadian provinces except Québec.

Overview of the Offering

Condor Resources Inc. (TSXV:CN) has initiated a private placement offering, known as the LIFE Offering, which allows the company to raise significant capital for its ongoing projects. The offering is structured to attract investors by providing a combination of shares and warrants, enhancing the potential for returns.

Details of the Offering

The LIFE Offering will consist of:

• Total Units: Up to 10,000,000 units.
• Price per Unit: $0.15.
• Composition of Each Unit:
  • One common share.
  • One-half of a non-transferable common share purchase warrant.

Warrant Exercise Terms

Investors holding the warrants will have the opportunity to purchase additional shares at specified prices:

1. $0.20 per Warrant Share if exercised within 24 months from the closing date.
2. $0.25 per Warrant Share if exercised after 24 months from the closing date.

Allocation of Proceeds

The net proceeds from the LIFE Offering are earmarked for:

• Exploration Activities: Focused on the Huinac Punta Project and the Pucamayo Project.
• Corporate Purposes: General operational and administrative expenses.

Regulatory Considerations

The offering will adhere to the regulations set forth in National Instrument 45-106, allowing for a streamlined process in raising funds. The units will be available to investors across Canada, excluding Québec, and will not be subject to a hold period under Canadian securities laws, with certain exceptions for insiders and consultants.

Conclusion

Condor Resources' strategic move to launch a private placement offering reflects its commitment to advancing its exploration projects and strengthening its financial position. Investors are encouraged to review the offering document available on the company's website and consider the potential benefits of participating in this opportunity.

Sources

• Condor Resources Announces Life Offering Private Placement of up to $1.5 Million, Yahoo.