Condor Announces Early Warrant Exercise Incentive Program
Condor Announces Early Warrant Exercise Incentive Program
Vancouver, B.C., June 15, 2018 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) announces it
has received conditional TSX Venture Exchange acceptance to a warrant exercise incentive program (the “Incentive
Program”) designed to encourage the early exercise of up to 7.665 million (of 10.15 million) of its outstanding unlisted
warrants (the “Warrants”). The Warrants are currently exercisable at a price of CAN$0.075 per common share (a “Share”)
until October 1 0th, October 2 1st, or November 1 3th, 2018. Insiders and pros are restricted in participating in the Incentive
Program to an aggregate of 1.015 million.
The Warrants were originally issued by the Company as part of a unit private placement financing first announced on October
3, 2013, which closed in three tranches, October 11 th, October 22 nd, and November 14 th, 2013. Pursuant to the I ncentive
Program, the Company is offering an inducement to each Warrant holder that exercises their Warrants during the 20 calendar
day early exercise period (“Early Exercise Period”), by the issuance of one additional share purchase warrant for each warrant
exercised early. Each new warrant (the “Incentive Warrant”) will entitle the holder to purchase one additional Share for a
period of 12 months from the date of the issuance of such Incentive Warrant, at a price of CAN$0.10. The Early Exercise
Period will commence on June 17, 2018 and expire July 6, 2018 (the “Early Exercise Expiry Date”). The Incentive Warrants
will be subject to a four month hold period from the date of issuance.
Warrant holders who take advantage of the opportunity to exercise their Warrants early will strengthen the Company’s current
cash position and provide additional working capital to accelerate exploration programs on the Company’s Pucamayo project,
as well as permitting applications on the Company’s Andrea and Huiñac Punta projects.
Depending on the number of Warrants exercised during the Early Exercise Period, the Company expects to: 1) receive gross
proceeds of up to $574,875; 2) issue up to 7.665 million Shares pursuant to the exercise of Warrants; and 3) issue up to 7.665
million Incentive Warrants to Warrant holders who exercise their Warrants during the Early Exercise Period.
A Warrant holder may exercise all or some of their Warrants. Any Warrants that are not exercised during the Early Exercise
Period will remain outstanding and continue to be exercisable for Shares under their current terms. The Company will not be
offering incentive Warrants to holders of Warrants who have previously exercised their Warrants, of which 2.35 million have
been previously exercised.
The terms and conditions of the Incentive and the method of exercising the Warrants pursuant to the Incentive Program are
set forth in a letter which is being delivered to the registered addre ss of each eligible Warrant holder, along with a form of
subscription agreement (the “Subscription Agreement”) to be completed by the Warrant holder.
The form of the Subscription Agreement will also be posted on the Company’s website – www.condorresources.com. Holders
of the Warrants who elect to participate in the Incentive Program will be required to deliver to the Company at Suite 520, 800
W. Pender St., Vancouver, BC, V6C 2V6, by 4:30 p.m. Vancouver time, on or before July 6, 2018, the following:
• Duly completed and executed Subscription Agreement;
• A duly completed and executed Share Purchase Warrant Subscription Form attached as the last page to their original
Warrant certificate;
• Their original Warrant certificate;
• The applicable funds due to exercise their Warrants, payable to the Company by way of certified cheque, money
order, bank draft, or wire transfer.
The Incentive Program is subject to receipt of all regulatory approvals, inc luding the final approval of the TSX Venture
Exchange.
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.
ON BEHALF OF THE BOARD
Lyle Davis,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news release.