Condor Gold completes acquisition of La Mojarra

Condor Gold has closed the deal on the acquisition of the Lo Majorra concession in Nicaragua after receiving approval from the Minster of Energy and Mines, the company announced Friday.

Condor Gold has closed the deal on the acquisition of the Lo Majorra concession in Nicaragua after receiving approval from the Minster of Energy and Mines, the company announced Friday.

The gold exploration company said $200,000 is payable in cash and the rest will be paid $100,000 in shares in the transaction of Lo Mojarra which lies next to the southern extension of Condor's La India vein.

Condor has been focused defining a large commercial resource on its wholly-owned 2.4m oz gold La India project which has been the source of the company's best drill results including 10.24 per tonne over 21.08 metres.

The approval from the Minister of Energy and Mines on Tuesday has triggered a $300,000 payment for the legal ownership of the concession of La India. The transfer of La Mojarra increases the company's La India project from 27km to 194km contained within seven contiguous wholly-owned concessions.

The company will issue 34,384 new ordinary shares at 20p each and an application will be made for the consideration shares to be admitted to trading on AIM. It is expected that admission will be granted with dealings commencing on December 21st.

The acquisition will increase Condor's ordinary shares to 33.20m in capital of the company.

Condor shares were up 1.49% to 170.50p at 09:00 Friday.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021
How to find companies that can thrive in the post-Covid world
Advertisement Feature

How to find companies that can thrive in the post-Covid world

Many sectors of the global economy will return to something resembling pre-pandemic status, but others will take far longer to recover.
8 Apr 2021