Condor Gold plc
AIM : CNR

Condor Gold plc

October 15, 2012 02:00 ET

Condor Gold plc Placement

Placing to Raise GBP 4,249,268

LONDON, ENGLAND--(Marketwire - Oct. 15, 2012) - Condor Gold plc ("Condor" or "the Company") (AIM:CNR), the AIM listed gold and silver exploration company focused on proving a large commercial open pit and underground reserve on its 2,375,000 oz gold resource at La India Project in Nicaragua, is pleased to announce that it has raised £4,249,268 before expenses, by way of a private placing of 2,655,791 new ordinary shares with a nominal value of £0.20 each ("Ordinary Shares") at a price of £1.60 each primarily with institutional investors ("the Placing").

As part of the Placing, Roger Davey, a Non-executive director, has subscribed for 12,500 new Ordinary Shares and Jim Mellon, a Non-executive director has subscribed for 38,820 new Ordinary Shares. Roger Davey will hold 32,500 Ordinary Shares representing 0.10% of the enlarged issued share capital and Jim Mellon's beneficial interest (held directly and indirectly through Galloway Limited) in the Company will stand at 388,820 Ordinary Shares representing 1.17% of the enlarged issued share capital.

Application has been made for a total of 2,655,791 new ordinary shares (the "Placing Shares") to be admitted to trading on AIM ("Admission") with Admission expected to be effective from 19th October 2012. The Placing Shares will rank pari passu and have the same voting rights as the existing Ordinary Shares. Following Admission there will be 33,169,746 Ordinary Shares in issue.

NewGen Asset Management Limited was the sole introducing agent for the Placing. The net proceeds of the Placing will be used to provide additional working capital, to implement a feasibility drill programme and exploration drill programme on Condor's flagship La India Project in Nicaragua and cover certain cash installment payments due in connection with the acquisition of the Espinito Mendoza and La Mojarra concessions as announced on 24 August 2011 and 11th October 2012 respectively.

For further information please visit www.condorgold.com.

About Condor Gold plc:

Condor Gold plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador. Condor has seven 100% owned concessions in La India Mining District ("La India Project"); three 100% owned concessions in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 90% ownership of four licences in two project areas.

Condor's concession holdings in Nicaragua currently contain an attributable CIM/JORC compliant resource base of 2,497,000 ounces of gold equivalent at 4.6g/t in Nicaragua and an attributable 973,000 oz gold equivalent at 2.6g/t JORC compliant resource base in El Salvador. The Resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua, and Ravensgate and Geosure for El Salvador.

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.

Contact Information

  • Condor Gold plc
    Mark Child
    Executive Chairman and CEO
    +44 (0) 20 7408 1067
    +44 020 74938633 (FAX)

    Condor Gold plc
    Luc English
    Country Manager, Nicaragua & El Salvador
    +505 8854 0753
    www.condorgold.com

    Beaumont Cornish Limited
    Roland Cornish
    +44 (0) 20 7628 3396

    Beaumont Cornish Limited
    James Biddle
    +44 (0) 20 7628 3396

    Ocean Equities Limited
    Will Slack
    +44 (0) 20 77864385

    Farm Street Media
    Simon Robinson
    +44 (0) 7593 340107