News

 June 15, 2018
Condor Announces Early Warrant Exercise Incentive Program

 Vancouver, B.C., June 15, 2018 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) announces it has received conditional TSX Venture Exchange acceptance to a warrant exercise incentive program (the "Incentive Program") designed to encourage the early exercise of up to 7.665 million (of 10.15 million) of its outstanding unlisted warrants (the "Warrants"). The Warrants are currently exercisable at a price of CAN$0.075 per common share (a "Share") until October 10th, October 21st, or November 13th, 2018. Insiders and pros are restricted in participating in the Incentive Program to an aggregate of 1.015 million.

The Warrants were originally issued by the Company as part of a unit private placement financing first announced on October 3, 2013, which closed in three tranches, October 11th, October 22nd, and November 14th, 2013. Pursuant to the Incentive Program, the Company is offering an inducement to each Warrant holder that exercises their Warrants during the 20 calendar day early exercise period ("Early Exercise Period"), by the issuance of one additional share purchase warrant for each warrant exercised early. Each new warrant (the "Incentive Warrant") will entitle the holder to purchase one additional Share for a period of 12 months from the date of the issuance of such Incentive Warrant, at a price of CAN$0.10. The Early Exercise Period will commence on June 17, 2018 and expire July 6, 2018 (the "Early Exercise Expiry Date"). The Incentive Warrants will be subject to a four month hold period from the date of issuance.

Warrant holders who take advantage of the opportunity to exercise their Warrants early will strengthen the Company's current cash position and provide additional working capital to accelerate exploration programs on the Company's Pucamayo project, as well as permitting applications on the Company's Andrea and Huiñac Punta projects.

Depending on the number of Warrants exercised during the Early Exercise Period, the Company expects to: 1) receive gross proceeds of up to $574,875; 2) issue up to 7.665 million Shares pursuant to the exercise of Warrants; and 3) issue up to 7.665 million Incentive Warrants to Warrant holders who exercise their Warrants during the Early Exercise Period.

A Warrant holder may exercise all or some of their Warrants. Any Warrants that are not exercised during the Early Exercise Period will remain outstanding and continue to be exercisable for Shares under their current terms. The Company will not be offering incentive Warrants to holders of Warrants who have previously exercised their Warrants, of which 2.35 million have been previously exercised.

The terms and conditions of the Incentive and the method of exercising the Warrants pursuant to the Incentive Program are set forth in a letter which is being delivered to the registered address of each eligible Warrant holder, along with a form of subscription agreement (the "Subscription Agreement") to be completed by the Warrant holder.

The form of the Subscription Agreement will also be posted on the Company's website -- (http://www.condorresources.com/). Holders of the Warrants who elect to participate in the Incentive Program will be required to deliver to the Company at Suite 520, 800 W. Pender St., Vancouver, BC, V6C 2V6, by 4:30 p.m. Vancouver time, on or before July 6, 2018, the following:

• Duly completed and executed Subscription Agreement;
• A duly completed and executed Share Purchase Warrant Subscription Form attached as the last page to their original Warrant certificate;
• Their original Warrant certificate;
• The applicable funds due to exercise their Warrants, payable to the Company by way of certified cheque, money order, bank draft, or wire transfer.


The Incentive Program is subject to receipt of all regulatory approvals, including the final approval of the TSX Venture Exchange.

Condor is an explorer and project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis,
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com


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.
 
 

You can view the Next News Releases item: Thu Jun 28, 2018, Condor Provides Updates on Partner Funded Work Programs

You can view the Previous News Releases item: Thu Apr 26, 2018, Condor -- Drilling resumes at Ocros; Magnetometer Survey Completed

You can return to the main News Releases page, or press the Back button on your browser.