RE: WarrantsShare Issuances
On July 26th 2007, the Company closed a private placement brokered by PI Financial Corp., (the “Agent”) for gross
proceeds of $2,750,000 (the “Offering”). The Offering consisted of 5,000,000 units (the “Units”) including an over
allotment option of 1,000,000 Units at a price of $0.55 per Unit, with each Unit consisting of one common share
and one half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the
holder to purchase one additional common share of Condor at a price of $0.75 for a period of 18 months expiring
January 26, 2009. The Warrants will be subject to accelerated expiry provisions such that if any time after
November 27, 2007, Condor’s shares trade on the TSX Venture Exchange at or above a weighted average trading
price of $1.25 per share for 20 consecutive trading days, Condor may give notice to the holders that the Warrants
will expire 30 days from the date of providing such notice. The Agent’s compensation included an 8% commission
paid as to $105,050 in cash, and the balance as to 209,000 units at a deemed price of $0.55 per unit. The Agent’s
Units have the same terms as the Units of the Offering. The Agent also received 400,000 Agent’s options entitling
the Agent to purchase up to 400,000 common shares at an exercise price of $0.75 per common share expiring
January 26, 2009. The securities distributed under the Offering are subject to a four month hold period expiring
November 27, 2007.