Condor Completes Loan Transaction
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 28, 2015) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has received a loan from an insider, whereby the Company borrowed $40,000 (the "Loan"), for a term of one year, repayable in cash at the expiry of the term. Under the terms of the Loan, the lender will be paid 10% interest, and receive a 20% bonus payable in common shares of the Company at a deemed price of $0.05 per share totalling 160,000 common shares in recognition of the unsecured nature of the Loan. The shares issued pursuant to this loan agreement are subject to a four (4) month hold period.
Proceeds from the Loan will be used to maintain mineral projects and exploration efforts in Peru, and for working capital.
Condor is a 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
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
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.
