Condor Announces Rescheduled Payment Date with Element79 Gold Corp.

Rhea-AI Summary

Condor Resources has revised its payment agreement with Element79 Gold Corp concerning the Lucero project. Initially scheduled for December 21, 2022, a total payment of US$300,000 is now split into two installments: US$100,000 due by January 31, 2023, and US$200,000 due by March 31, 2023. In exchange for the rescheduling, Element79 will issue 250,000 shares to Condor. The company is focused on mining exploration in Peru, aiming for significant discoveries while minimizing shareholder dilution.

Positive

• Rescheduled payment terms provide liquidity, delaying cash outflows for Condor.
• Receipt of 250,000 shares from Element79 creates potential upside for Condor.

Negative

• Total payment of US$300,000 might indicate financial constraints affecting Element79.

VANCOUVER, BC / ACCESSWIRE / December 20, 2022 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that it has reached agreement with Element79 Gold Corp. ("Element79") to revise the next payment date with respect to the Lucero project. In June 2022, Element79 became the sole owner of Calipuy Resources Inc., ("Calipuy"), and assumed Calipuy's obligations with respect to Calipuy's agreement to acquire the shares of Condor's subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project. (see Condor's news release of January 7, 2021).

Condor and Element79 have agreed to reschedule the U$300,000 payment due December 21, 2022 into two payments. The first payment of US$100,000 is now due on or before January 31, 2023, and the balance of US$200,000 is due on or before March 31, 2023. As consideration for the rescheduled payments, Element79 will issue 250,000 shares to Condor. All other terms of the sale of Minas Lucero del Sur S.A.C. remain unchanged.

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/732566/Condor-Announces-Rescheduled-Payment-Date-with-Element79-Gold-Corp

FAQ

What is the revised payment schedule for Condor Resources and Element79 Gold Corp?

Condor Resources' payment from Element79 Gold Corp. has been revised to US$100,000 due by January 31, 2023, and US$200,000 due by March 31, 2023.

What company ticker is associated with Condor Resources?

The company ticker for Condor Resources is CNRIF.

What project is associated with the payment agreement between Condor Resources and Element79?

The payment agreement pertains to the Lucero project.

How many shares will Element79 issue to Condor Resources?

Element79 will issue 250,000 shares to Condor Resources as part of the revised payment terms.