Condor Announces Management Appointment, AGM Results

Rhea-AI Summary

Condor Resources Inc. has appointed Mr. Andres Recalde as Vice President of Community and Social Relations, effective October 1. Mr. Recalde, who has been an independent director since December 2021, will enhance the company's communications with local stakeholders and government entities at its Pucamayo project. Additionally, at the Annual General and Special Meeting on October 12, shareholders approved all business items, including a revised Stock Option Plan allowing up to 12,688,238 incentive options. The plan awaits final TSXV approval.

Positive

• Appointment of experienced Mr. Andres Recalde to VP of Community and Social Relations, strengthening stakeholder relations.
• Approval of a revised Stock Option Plan allows for incentive options up to 12,688,238, potentially enhancing employee motivation.

Negative

• Stock Option Plan is subject to final TSXV approval, which could create uncertainty.
• The company is focused on exploration, which may not yield immediate financial returns.

VANCOUVER, BC / ACCESSWIRE / October 13, 2022 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has appointed Mr. Andres Recalde as Vice President of Community and Social Relations, effective October 1^st. Mr. Recalde has served as an independent director of the Company since December 2021, and has been actively supporting the Company's permitting and land access efforts at our Pucamayo project.

In his expanded role, Mr. Recalde will develop and oversee the community relations policies and practices of the Company; he will develop, design and maintain Condor's positive and transparent communications with local stakeholders and government entities in order that the Company can conclude local agreements and advance its projects in a safe and sustainable manner. Mr. Recalde is Peruvian/Canadian and has worked extensively in Latin America as a consultant, advisor and corporate director to several mining companies including Canada Gold Inc. (Peru), and Barrick Gold (Dominican Republic). Commensurate with his new responsibilities, Mr. Recalde has been granted an additional 500,000 stock options at an exercise price of $0.11 per share.

The Company is also pleased to announce that at the 2022 Annual General and Special Meeting held on October 12^th in Vancouver, Condor's shareholders voted in favour of all items of business. All director nominees were elected, and the Company's Stock Option Plan (the "Option Plan"), as amended and restated to comply with the TSX Venture Exchange's (the "TSXV") new Policy 4.4 - Security Based Compensation, was also approved by a majority of the shareholders. The Option Plan is a "rolling 10%" stock option plan whereby the Company may issue, pursuant to options granted to eligible persons, up to maximum of 10% of the issued and outstanding common shares of the Company determined at the time of grant. As there are 126,882,380 common shares of the Company issued and outstanding as of today's date, a maximum of 12,688,238 incentive options are issuable under the Option Plan. The Option Plan remains subject to final TSXV approval.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's 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 info@condorresources.com

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.

SOURCE: Condor Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/720358/Condor-Announces-Management-Appointment-AGM-Results

FAQ

What is the significance of the appointment of Mr. Andres Recalde at Condor Resources (CNRIF)?

Mr. Andres Recalde's appointment as VP of Community and Social Relations aims to improve stakeholder engagement, crucial for project advancement.

What changes were approved at the Condor Resources AGM on October 12, 2022?

Shareholders approved all business items, including the election of director nominees and a revised Stock Option Plan.

How many incentive options can be issued under Condor Resources' Stock Option Plan?

The revised Stock Option Plan allows for issuance of up to 12,688,238 incentive options based on outstanding shares.

What role will Mr. Recalde play at Condor Resources?

Mr. Recalde will oversee community relations policies and maintain communications with local stakeholders and government.