Insider Buys More Shares….in Negotiations with two
Condor Gold to receive 1M pounds from warrant exercise
2023-12-12 09:35 ET - News Release
Mr. Mark Child reports
CONDOR GOLD PLC ("CONDOR" OR THE "COMPANY") POUNDS STERLING1M RAISE VIA THE EXERCISE OF WARRANTS DIRECTOR/PDMR SHAREHOLDING
Galloway Ltd., a company wholly owned by Burnbrae Group Ltd. which is, in turn, wholly owned by Jim Mellon, Condor Gold PLC's chairman, has sent the company a signed notice for the exercise of warrants which will result in the issue of 6,666,667 new ordinary shares at 15 pence for a consideration of one million pounds sterling.
Application has been made for the new ordinary shares to be admitted to trading on Alternative Investment Market. Admission of the new ordinary shares is expected to take place on or before July 10, 2023. The company has prior approval for the shares to be listed on the Toronto Stock Exchange.
Director/PDMR shareholding
Galloway will hold 22.99 per cent of the company's issued ordinary shares post exercise of the warrants and is wholly owned by Burnbrae Group which is, in turn, wholly owned by Mr. Mellon, Condor's chairman. Denham Eke, a non-executive director, is also a director of Burnbrae Group and Galloway.
Total voting rights
Following the issue of the 6,666,667 new ordinary shares to Galloway, Condor's total issued share capital will comprise 187,457,491 new ordinary shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the company under the Financial Conduct Authority's disclosure and transparency rules.
TSX matters
The company is relying on the exemption provided for pursuant to Section 602.1 of the TSX company manual from the requirements of the manual and the TSX relating to the issue of new shares ordinary, including the requirements of Section 613 of the manual, as the company is an eligible interlisted issuer as defined in the manual.
About Condor Gold PLC
Condor Gold 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.
Qualified persons
The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, PGeo, a director of Condor Gold, and Gerald D. Crawford, PE, the chief technical officer of Condor Gold, each of whom is a qualified person as defined by National Instrument 43-101.