Condor Gold Plc Share Based Payment Director/PDMR Shareholding
Condor Gold has announced the issuance of 235,294 new Ordinary Shares at 28 pence each to its CEO, Mark Child, as a bonus for the financial year ending December 31, 2023. The bonus was recommended by the Remuneration Committee and approved unanimously by the Board, excluding Mark Child from the decision-making process. Application has been made for the shares to be traded on AIM, with an expected admission date of June 5, 2024, and the company is also seeking listing approval on the TSX. This issuance will increase Condor Gold's total issued share capital to 203,442,778 shares. The company is relying on an exemption from certain TSX listing requirements as an Eligible Interlisted Issuer.
- Issuance of 235,294 new Ordinary Shares as a bonus recognizes CEO performance.
- Unanimous Board approval for the bonus reflects strong internal consensus.
- Application for shares to be traded on AIM with expected admission on June 5, 2024.
- Efforts to list new shares on TSX enhances trading opportunities.
- Increased total issued share capital to 203,442,778 shares, providing shareholders with updated figures for transparency.
- Issuance of new shares could lead to shareholder dilution.
- No mention of financial benefits or performance metrics justifying the CEO's bonus.
- Reliance on TSX exemption could indicate potential compliance challenges.
Condor Gold Plc (AIM:CNR)(TSX:COG) announces it is issuing 235,294 new Ordinary Shares at 28 pence each to Mark Child, Condor's CEO, as a bonus for the financial year ended 31 December 2023. (the "Payment Shares"). The bonus was recommended by the Remuneration Committee and approved unanimously by the Board. Mark Child was absent from the decision making process and Board approval.
Application has been made for the Payment Shares to be admitted to trading on AIM. Admission of the New Ordinary Shares is expected to take place on or before 5 June 2024. The Company has applied to have the Payment Shares listed on the Toronto Stock Exchange ("TSX"). Listing is subject to the approval of the TSX in accordance with the applicable listing requirements.
Total Voting Rights
Following the issue of the 235,294 Payment Shares Condor's total issued share capital will comprise 203,442,778 New Ordinary Shares, each with voting rights (the "Enlarged Issued Share Capital"). This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
TSX Matters
The Company is relying on the exemption provided for pursuant to Section 602.1 of the TSX Company Manual (the "Manual") from the requirements of the Manual and the TSX relating to the Payment Shares, including the requirements of Section 613 of the Manual, as the Company is an "Eligible Interlisted Issuer" as defined in the Manual.
- Ends -
For further information please visit www.condorgold.com or contact:
Condor Gold plc | Mark Child, CEO +44 (0) 20 7493 2784 |
Beaumont Cornish Limited | Roland Cornish and James Biddle +44 (0) 20 7628 3396 |
SP Angel Corporate Finance LLP | Ewan Leggat |
H&P Advisory Limited | Andrew Chubb, Matt Hasson, Jay Ashfield |
Adelaide Capital (Investor Relations) | Deborah Honig +1-647-203-8793 |
About Condor Gold plc:
Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.
The Company's principal asset is La India Project, Nicaragua, which comprises of a large, highly prospective land package of 588 sq km comprising of 12 contiguous and adjacent concessions. The Company has filed a feasibility study technical report dated 25 October 2022 and entitled "Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2022" (the "2022 FS") which is available on the Company's SEDAR profile at www.sedar.com and was prepared in accordance with the requirements of NI 43-101. The 2022 FS indicated that La India Project hosts a high grade Mineral Resource Estimate ("MRE") of 9,672 kt at 3.5g/t gold for 1,088,000 oz gold in the indicated mineral resource category and 8,642 kt at 4.3 g/t gold for 1,190,000 oz gold in the inferred mineral resource category. The open pit MRE is 8,693 kt at 3.2 g/t gold for 893,000 oz gold in the indicated mineral resource category and 3,026 kt at 3.0 g/t gold for 291,000 oz gold in the inferred mineral resource category. Total underground MRE is 979 kt at 6.2 g/t gold for 94,000 oz gold in the indicated mineral resource category and 5,615 kt at 5.0 g/t gold for 98,000 oz gold in the inferred mineral resource category.
The 2022 FS replaces the previously reported Preliminary Economic Assessment ("PEA") as presented in the Technical Report filed on SEDAR in October 2021 as the current technical report for the La India project.
The 2021 PEA considered the expanded Project inclusive of the exploitation of the Mineral Resources associated to the La India, Mestiza, America and Central Breccia deposits. The strategic study covers two scenarios: Scenario A, in which the mining is undertaken from four open pits, termed La India, America, Mestiza and Central Breccia Zone ("CBZ"), which targets a plant feed rate of 1.225 million tonnes per annum ("Mtpa"); and Scenario B, where the mining is extended to include three underground operations at La India, America and Mestiza, in which the processing rate is increased to 1.4 Mtpa. The 2021 PEA Scenario B presented a post-tax, post upfront capital expenditure NPV of US
In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit ("EP") for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold Project ("La India Project"). The EP is considered the master permit for mining operations in Nicaragua. Condor has purchased a new SAG Mill, which has mainly arrived in Nicaragua. Site clearance and preparation is at an advanced stage.
Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for extraction.
Disclaimer
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
Qualified Persons
The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., a director of Condor Gold plc, and Gerald D. Crawford, P.E., the Chief Technical Officer of Condor Gold plc, each of whom is a "qualified person" as defined by NI 43-101.
Forward Looking Statements
All statements in this press release, other than statements of historical fact, are ‘forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the issuance of the Payment Shares, including the receipt of the approvals of AIM and the TSX; future development and production plans, projected capital and operating costs, mine life and production rates, metal or mineral recovery estimates, Mineral Resource, Mineral Reserve estimates at the La India Project, the potential to convert Mineral Resources into Mineral Reserves, the Company's plans to sell the assets of the Company or seek alternatives to an asset sale and the construction timeline of the La India project upon receipt of financing. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation and resources; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2021 dated March 29, 2022 and available under the Company's SEDAR profile at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Mark Child
| 1 | Details of the person discharging managerial responsibilities/ person closely associated | |||||
| a) | Name | Mark Child | ||||
| 2 | Reason for notification | |||||
| a) | Position / status | CEO | ||||
| b) | Initial notification /Amendment | Initial | ||||
| 3 | Details of the issuer, emissionallowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Condor Gold plc | ||||
| b) | LEI | 213800PFKETQA86RHL82 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | 235,294 new ordinary shares with a nominal value of £0.001 each. ISIN GB00B8225591 | ||||
| Nature of the transaction | Issue of shares as bonus | |||||
| c) | Price(s) and volumes(s) |
| ||||
| d) | Aggregated information | n/a | ||||
| e) | Date of the transaction | 5 June 2024 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||
SOURCE: Condor Gold plc
View the original press release on accesswire.com
FAQ
What is Condor Gold's latest announcement about?
When are the new Condor Gold shares expected to be traded on AIM?
What is the new total issued share capital for Condor Gold?
What is the significance of the TSX listing for Condor Gold's new shares?
What exemption is Condor Gold relying on for the TSX listing?
