|December 21, 2006|
Condor Closes $2 Million Financing
|Vancouver, B.C., December 21, 2006 -- Condor Resources Inc - ("Condor" or the "Company") (TSX: CN) is pleased to announce that it has closed its private placement brokered by Bolder Investment Partners, Ltd. (the "Agent").|
The Offering consisted of 4,000,000 Units at a price of $0.50 per Unit, with each Unit consisting of one common share and one transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of Condor at a price of $0.70 for a period of 18 months expiring June 20, 2008. The Warrants will be subject to accelerated expiry provisions such that if any time after April 21, 2007, Condor's shares trade on the TSX Venture Exchange at or above a weighted average trading price of $1.25 per share for 20 consecutive trading days, Condor may give notice by way of news release that the Warrants will expire 30 days from the date of providing such notice.
The Agent's compensation included a cash commission equal to $140,000; and warrants (the "Agent's Warrants") entitling the Agent to purchase up to 400,000 common shares, expiring June 20, 2008. Each Agent's Warrant will be exercisable into one (1) common share of the Company at $0.50. The Agent's Warrants will contain the same accelerated expiry provisions as the investor warrants. The Agent also received a corporate finance fee of 25,000 Units.
Condor Resources Inc. was incorporated in 2003 by exploration specialists focused on the generation of copper and gold projects in Latin America, where management has extensive experience and a proven track record of discovery. The Company's long-term business plan offers shareholders access to a growing portfolio of properties, including five 100%-owned projects in Chile along with two recently-acquired projects in Argentina, each providing a unique path to discovery.
On behalf of the Board of Directors,
Signed "Pat Burns"
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact:
Bernie Kennedy: 604-495-6330
Saf Dhillon: 604-484-2015
Condor Resources Inc.
910-885 Dunsmuir Street,
Vancouver, BC V6C 1N5
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
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