Offering's funds acquire, explore and develop Horden Lake Property
By Devika Patel
Knoxville, Tenn., Sept. 20 - El Condor Minerals Inc. said it revised the terms of a C$6 million non-brokered private placement of units. The deal priced July 29 and will now consist of C$3 million of units and a C$3 million secured credit facility.
The company will now sell 8,823,530 units of one common share and one half-share warrant at C$0.17 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. The units were originally priced at C$20 apiece.
Each whole unit warrant is exercisable at C$0.27 for one year; each whole flow-through unit warrant is exercisable at C$0.35 for one year. The strike prices are 12.5% and 45.83% premiums to the July 28 closing share price of C$0.24. The unit warrants originally had a C$0.30 strike price.
The 14-month credit facility has a 12% coupon and is accompanied by a C$300,000 bonus payment in the form of 2 million common shares.
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.
|
| 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, secured credit facility, 2 million bonus common shares
|
| Amount: | C$6 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Agents: | Non-brokered
|
| Pricing date: | July 29
|
| Amended: | Sept. 20
|
| Stock symbol: | TSX Venture: LCO
|
| Stock price: | C$0.24 at close May 19
|
| Market capitalization: | C$9.44 million
|
|
|
| Units
|
| Amount: | C$4.5 million
|
| Units: | 8,823,530
|
| Price: | C$0.17
|
| Warrant strike price: | C$0.27
|
|
|
| Flow-through units
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrant strike price: | C$0.35
|
|
|
| Credit facility
|
| Amount: | C$3 million
|
| Tenor: | 14 months
|
| Coupon: | 12%
|
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