Mellon puts £1m into Condor for financial runway during sales process
The chairperson of Condor Gold, Jim Mellon, has put another £1-million into the company to ensure sufficient financial runway during the sales process of its Nicaragua assets.
Mellon’s Burnbrae Group has sent Condor a signed notice for the exercise of warrants that will result in the issue of 6.67-million shares at £0.15 a share.
The company is also in discussions with other shareholders who have expressed an interest in investing alongside Mellon and the largest shareholder on the same terms.
“We are very aware of the value of our assets and will maximise value for all shareholders. My investment of a further £1-million is designed to ensure sufficient financial runway during the sales process until a desired price is achieved,” said Mellon.
CEO Mark Child reported that the sales process, which was started in November last year, was taking longer than planned, but that the board was anticipating further progress would be made in the New Year.
“Wholly owned, fully permitted, construction ready gold mines with potential production of 150 000 oz/y of gold, in major gold districts, with the land and a new SAG mill package purchased and a construction period of only 18 months are rare,” said Child.
To date, Condor has eight companies under nondisclosure agreements, received five nonbinding offers and completed three site visits.
Although none of the nonbinding offers have progressed to firm proposals to date, the company is in advanced talks with two gold producers, he said.
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