Condor Resources Inc.
TSX VENTURE : CN

Condor Resources Inc.

November 12, 2013 18:23 ET

Condor Resources and Concerned Shareholders Announce Settlement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 12, 2013) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) and the Concerned Shareholders of Condor are pleased to announce that they have reached a Settlement Agreement (the "Agreement"). Accordingly, the Concerned Shareholders have withdrawn their requisition for a Special Meeting of Shareholders, as announced by the Concerned Shareholders in a press release dated October 10, 2013.

"There was a tremendous effort put forth by both sides in order to reach an Agreement, which is the best case scenario for all shareholders. We look forward to their help in building the Company," said Lyle Davis, President and Chief Executive Officer.

"We are pleased to have reached a resolution that will enable the Company to focus on creating shareholder value," said Francisco de Undurraga on behalf of the Concerned Shareholders.

The Agreement includes the following provisions:

  • Condor will use its best efforts to hire a bilingual CEO to be based in Lima, Peru by March 31, 2014.
  • Condor's founder, Patrick Burns, will serve as an advisor to the Company in addition to his ongoing role as a member of the Company's board of directors.
  • Francisco de Undurraga will serve as an advisor to the Company's board of directors, and will have the right to be appointed to the Condor board upon his request prior to the 2014 Annual General Meeting.
  • The Concerned Shareholders and their nominees will be entitled to participate in the current private placement, and any subsequent private placements prior to December 31, 2014, subject to certain limitations.
  • The Concerned Shareholders will not requisition a shareholder meeting of Condor or solicit proxies against management during the period up to December 31, 2014.

The Company has four of its properties under active exploration by third parties, and looks forward to a flow of results from these programs. In addition, the Company is actively seeking partners on its other projects, and reviewing new opportunities identified by its Lima based technical 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.

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