REG - Condor Gold PLC - Exercise of Warrants, Director’s Dealing and TVR

Condor GoldAnnouncement

18/07/2022 07:00

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RNS Number : 7181S  Condor Gold PLC  18 July 2022

 

 

   Condor Gold plc

   7/8 Innovation Place

   Douglas Drive

   Godalming, Surrey

   GU7 1JX

   Tel: +44 (0) 207 493 2784

18 July 2022

 

Condor Gold Plc

("Condor Gold","Condor" or the "Company")

 

Exercise of Warrants, Director's Dealing and TVR

 

 

Condor Gold (AIM: CNR; TSX: COG) announces that pursuant to receipt of notice
for the exercise of warrants from Mark Child, Chief Executive Officer and
Executive Chairman of the Company, it is issuing 8,333 New Ordinary Shares
with a nominal value of 20p each in the capital of the Company (Shares) at an
exerciseprice of 25p per Share. Another shareholder has exercised warrants on
the same terms resulting in the Company issuing an additional 83,333 Shares.
The Company has received total gross proceeds of £22,916.30 from the exercise
of warrants.

 

Application has been made for a total of 91,666 Shares to be admitted to
trading on AIM ("Admission"), with Admission expected to occur on or around 22
July 2022.

 

Following the issue of the Shares, Mark Child will be interested in 4,268,333
Ordinary Shares representing 2.7% of the Company's so enlarged issued share
capital on Admission.

 

The Shares will rank pari passu with the existing Ordinary Shares, including
the right to receive all dividends and other distributions declared after the
date of their issue.

 

Following Admission of the Shares, the Company will have 158,629,530 ordinary
shares with a nominal value of 20p each in issue with voting rights and
admitted to trading on AIM and the TSX. This figure may then be used by
shareholders in the Company as the denominator for the calculation by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure and Transparency Rules and National
Instrument 62-103 - The Early Warning System and Related Take-Over Bid and
Insider Reporting Rules of the Canadian securities administrators.

 

The notification below, made in accordance with the requirements of the EU
Market Abuse Regulations, provides further detail in respect of the
transaction as described above.

 

Mark Child

 

 1   Details  of  the  person  discharging  managerial  responsibilities  /
      person  closely associated
 a)  Name                                                         Mark Child
 2   Reason for notification
 a)  Position / status                                            Chief Executive Officer and Executive Chairman
 b)  Initial notification                                         Initial

     /Amendment
 3   Details of the issuer,  emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Condor Gold plc

 b)  LEI                                                          213800PFKETQA86RHL82

 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  8,333 Ordinary shares of 20 pence each in Condor Gold plc

     Identification code

                                                                  ISIN GB00B8225591

     Nature of the transaction                                    Exercise of Warrants at 25 pence per Ordinary Share

 c)  Price(s) and volumes(s)

Price(s)    Volumes(s)
                                                                   25 pence   8,333

 

 d)  Aggregated information                                       n/a
 e)  Date of the transaction                                      15 July 2022
 f)  Place of the transaction                                     Outside a trading venue

 

 

d)

Aggregated information

n/a

e)

Date of the transaction

15 July 2022

f)

Place of the transaction

Outside a trading venue

 

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

- Ends -

For further information please visit www.condorgold.com or contact:

 Condor Gold plc                 Mark Child, Chairman and CEO

                                 +44 (0) 20 7493 2784
 Beaumont Cornish Limited         Roland Cornish and James Biddle

                                 +44 (0) 20 7628 3396
 SP Angel Corporate Finance LLP

                                 Ewan Leggat

                                 +44 (0) 20 3470 0470
 BlytheRay                       Tim Blythe and Megan Ray

                                 +44 (0) 20 7138 3204

 

 

About Condor Gold plc:

 

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in
January 2018. The Company is a gold exploration and development company with a
focus on Nicaragua.

 

In August 2018, the Company announced that the Ministry of the Environment in
Nicaragua had granted the Environmental Permit ("EP") for the development,
construction and operation of a processing plant with capacity to process up
to 2,800 tonnes per day at its wholly-owned La India gold Project ("La India
Project"). The EP is considered the master permit for mining operations in
Nicaragua. Condor has purchased a new SAG Mill, which has mainly arrived in
Nicaragua. Site clearance and preparation is at an advanced stage.

 

La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for
1.14 M oz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18
M oz gold in the Inferred category. A gold price of $1,500/oz and a cut-off
grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground
resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore
applied within a part of the Inferred Resource. Mineral Resources are not
Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that any part of the Mineral Resources will be converted to Mineral
Reserves.

Environmental Permits were granted in April and May 2020 for the Mestiza and
America open pits respectively, both located close to La India. The Mestiza
open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in
the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold
(85,000 oz contained gold) in the Inferred Mineral Resource category. The
America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the
Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold
(67,000 oz) in the Inferred Mineral Resource category. Following the
permitting of the Mestiza and America open pits, together with the La India
Open Pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for
extraction.

 

Disclaimer

 

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

 

 

 

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