Non-brokered offering slated to fund due diligence, working capital
By Devika Patel
Knoxville, Tenn., May 20 - El Condor Minerals Inc. said it plans a C$1 million non-brokered private placement of units.
The company will sell 6,666,667 units of one common share and one half-share warrant at C$0.15 apiece.
Each whole warrant is exercisable at C$0.25 for one year. The strike price is a 38.89% premium to the May 19 closing share price of C$0.18.
Proceeds will be used for due diligence, general working capital and corporate purposes.
The precious and base metals explorer is based in Vancouver, B.C.
| Issuer: | El Condor Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 6,666,667
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Agents: | Non-brokered
|
| Pricing date: | May 20
|
| Stock symbol: | TSX Venture: LCO
|
| Stock price: | C$0.18 at close May 19
|
| Market capitalization: | C$6.35 million
|
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