Key Highlights:
- Condor Resources (CNRIF, Financial) raises C$1,051,000 through private placement.
- Insiders and Crescat Portfolio Management invest C$551,140.
- Funds directed towards exploration projects at Huinac Punta and Pucamayo.
Condor Resources Inc. (CNRIF), a company focused on precious and base metals exploration, has successfully completed a non-brokered private placement, generating C$1,051,000 in capital. The offering comprised 8,758,333 units priced at C$0.12 per unit. Each unit consists of one common share and one-half share purchase warrant. The warrants can be exercised over a 36-month period, with an exercise price of C$0.15 per share for the first 24 months, and C$0.20 thereafter.
Notably, Crescat Portfolio Management and company directors, categorized as insiders, subscribed to 4,592,834 units, contributing C$551,140 in total. This participation signifies strong insider confidence in the company's strategic direction and future prospects.
The proceeds from this private placement are earmarked for advancing exploration work at Condor's Huinac Punta and Pucamayo Projects in Peru, as well as for general corporate purposes. In terms of regulatory compliance, Condor Resources availed itself of the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106, facilitating a portion of the offering.
Condor Resources also paid a total of C$16,496 in finder's fees and issued 137,466 finder's warrants, confirming their commitment to enhancing the company's exploration capabilities. Additionally, Crescat has secured a Right of Participation Agreement, allowing them to partake in future equity financings on a pro rata basis, provided they maintain at least a 5% ownership stake.
With this substantial capital injection, Condor Resources continues to strengthen its exploration initiatives, underscoring its commitment to unlocking value through its promising Peruvian projects.
