Condor Closes on Increased Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 14, 2013) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN). Further to the Company's news release of October 30th advising that the Company's private placement had been increased from 10.0 million units to 12.5 million units, the Company is pleased to announce that it has closed on the additional 2.5 million units. The initial 10.0 million units were closed in two tranches, on October 10th and October 22nd.
For this tranche, the Company issued 2.5 million units at a price of $0.05 per unit, with each unit consisting of one share and one warrant; one warrant is exercisable at $0.075 per share prior to November 13, 2018. The shares and any shares issued on exercise of the warrants are subject to a four month hold period expiring March 14, 2014.
In total, the Company raised $625,000 with this private placement. No commissions or finder's fees were paid in connection with the financing. The net proceeds of the private placement will be used to support the Company's project generation activities, and for working capital.
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.