VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2017) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has closed the $500,000 private placement financing with Sandstorm Gold Ltd. ("Sandstorm"), as announced in our news release of January 30th.
The private placement consisted of 6,666,667 units at $0.075, with each unit consisting of one common share and one warrant. Each warrant is exercisable at $0.15 into one common share for a period of five years. No commissions or finder's fees were paid in connection with the private placement. On closing, Sandstorm owns approximately 6.8% of Condor's issued capital.
In addition to the private placement, the $500,000 Royalty Sale to Sandstorm, as described in our January 30th news release, had closed previously.
Proceeds from the private placement and the Royalty Sale will be used for exploration and general corporate purposes.
Condor is an explorer and project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
