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.
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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
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