Offering's funds acquire, explore and develop Horden Lake Property
By Devika Patel
Knoxville, Tenn., July 29 - El Condor Minerals Inc. said it will conduct a C$6 million non-brokered private placement of units.
The company will sell 22.5 million units of one common share and one half-share warrant at C$0.20 per unit and 6 million flow-through units of one flow-through common share and one half-share warrant at C$0.25 per unit.
Each whole unit warrant is exercisable at C$0.30 for one year; each whole flow-through unit warrant is exercisable at C$0.35 for one year. The strike prices are 25% and 45.83% premiums to the July 28 closing share price of C$0.24.
Proceeds will be used for the acquisition of the Horden Lake Property, exploration and development programs at Horden Lake and general working capital and corporate purposes.
The precious and base metals explorer is based in Vancouver, B.C.
Issuer: | El Condor Minerals Inc.
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Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
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Amount: | C$6 million
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Agents: | Non-brokered
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Pricing date: | May 20
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Stock symbol: | TSX Venture: LCO
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Stock price: | C$0.24 at close May 19
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Market capitalization: | C$11.91 million
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Units
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Amount: | C$4.5 million
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Units: | 22.5 million
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Price: | C$0.20
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Warrant strike price: | C$0.30
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Flow-through units
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Amount: | C$1.5 million
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Units: | 6 million
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Price: | C$0.25
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Warrant strike price: | C$0.35
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