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Condor Gold PLC (CNR)

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Monday 01 March, 2021

Condor Gold PLC

Closing of Placing and Significant Shareholdings

RNS Number : 7482Q
Condor Gold PLC
01 March 2021
 

Condor Gold plc

   

                                          7/8 Innovation Place

                                                            Douglas Drive

                                        Godalming, Surrey

                                                            GU7 1JX

 

1 March 2021

 

 

Condor Gold plc

(''Condor,'' "Condor Gold" or "the Company")

Closing of Placing, Significant Shareholdings & Total Voting Rights

Condor Gold (AIM: CNR; TSX: COG) announces the closing of the placing as announced on 16th February 2021: 9,523,810 new ordinary shares in the Company with a nominal or par value of 20p each ("Placing Shares") have been issued at a price of 42p per Placing Share, including a Directors & CFO subscription of 4,871,414 Placing Shares, to raise in aggregate gross  proceeds of £4,000,000 (the "Placing") before expenses, which total £8,204 and are payable to the Company's broker, SP Angel Corporate Finance LLP. Funds have been received and the Placing Shares admitted to trading today on AIM. The Placing was arranged directly by the Company with institutional and other investors.  

As far as it is aware and further to the above, the following are the significant shareholdings in the Company's Ordinary Shares (the "Shares") post the Placing:

Shareholder

Shares held

Percentage of total Shares Issued

Jim Mellon ¹ ²

25,051,368

19.2%

Nicaragua Milling Company Limited / Randy Martin³

7,150,000

5.5%

Ross Beaty

4,786,656

3.7%

Oracle Investments Ltd

5,154,826

3.9%

Mark Child ¹

4,215,000

3.2%

 

¹ A Director of the Company

² Jim Mellon now owns a direct and indirect aggregate shareholding of 25,051,368 Shares or 19.2% of the Company. The direct interest is in 2,889,883 Shares and the indirect interest in 22,161,485 Shares held through Galloway Limited. Galloway Limited is wholly owned by Burnbrae Group Limited which is, in turn, wholly owned by Jim Mellon.

³ Nicaragua Milling Company ("NMC") holds 5,000,000 Shares and Randy Martin, a director and majority shareholder of NMC, holds 2,150,000 Shares.

The Company furthermore has the following warrants issued and outstanding:

3,073,754 warrants at exercise price 25p. Expiry date 15 July 2022

8,194,125 warrants at exercise price 40p. Expiry date 28 May 2023

In conformity with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company also announces the following:

As at the date of this announcement the Company's total issued share capital consists of 130,519,401 Shares, with voting rights. The Company does not hold any Shares in Treasury.

The above figure of 130,519,401 Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

- Ends -

For further information please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, Chairman and CEO

+44 (0) 20 7493 2784

 

Beaumont Cornish Limited

 Roland Cornish and James Biddle

+44 (0) 20 7628 3396

 

SP Angel Corporate Finance LLP

 

 

Ewan Leggat

+44 (0) 20 3470 0470

 

Blytheweigh

Tim Blythe and Megan Ray

+44 (0) 20 7138 3204

 

 

 

About Condor Gold plc:

 

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

 

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit ("EP") for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ("La India Project"). The EP is considered the master permit for mining operations in Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on the project in December 2014, summarised in the Technical Report, as defined below. The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing 80,000 oz gold per annum for 7 years. La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 Moz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 Moz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

 

 

Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 Moz gold open pit Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold.

 

 

Disclaimer

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

 

Qualified Persons

 

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., who is a "qualified person" as defined by NI 43-101.

 

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014", dated November 13, 2017 with an effective date of December 21, 2014 (the "Technical Report"), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent "qualified person" as defined by NI 43-101 .

 

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are 'forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: Mineral Reserves and Resources at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

 

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation, resources and reserves; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2019 dated March 31, 2020, available under the Company's SEDAR profile at www.sedar.com .

 

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

 

 

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