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

3 emerging market dividend stocks to buy now
Share tips

3 emerging market dividend stocks to buy now

Professional investor Omar Negyal of the JPMorgan Global Emerging Markets Income Trust picks three of his favourite emerging market stocks for income …
4 Oct 2022
Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022

Most Popular

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
Should you fix your mortgage? Here are the best rates available now
Mortgages

Should you fix your mortgage? Here are the best rates available now

Rising interest rates look set to spring a nasty surprise on millions of homeowners next year. You need to take steps today to protect yourself from a…
30 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022