Condor Receives US$875,000 in Property Payments and 1.3m Chakana shares

Rhea-AI Summary

Condor Resources has secured US$800,000 in cash and 1,379,310 shares from Chakana Copper Corp. as part of an agreement for Chakana to acquire full ownership of the Soledad concessions. Chakana is required to make additional payments totaling US$3.425 million over three years, alongside Cdn$800,000 in shares. Furthermore, Condor received US$75,000 from Calipuy Resources, with another payment of US$300,000 expected in December 2022. These funds will aid Condor in advancing its projects in Peru.

Positive

• Condor received US$800,000 cash and shares valued at approximately US$75,000 from Chakana Copper Corp.
• Future payments totaling US$3.425 million from Chakana are expected over three years.
• The funds will support ongoing permitting and access agreements for projects in Peru.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 23, 2022 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has received US$800,000 cash from Chakana Copper Corp. ("Chakana") and 1,379,310 Chakana shares, pursuant to Chakana's option to acquire 100% interest in the Company's Soledad concessions.

As detailed in the Company's news release of April 18, 2022, Chakana can complete the purchase of the Soledad concessions with three more payments totalling US$3.425 million over the next three years, and the issuance of Cdn$800,000 in Chakana shares over the same period. All Chakana shares are subject to voluntary resale restrictions, ranging from six to eighteen months.

Condor has also received US$75,000 due from Calipuy Resources Inc. ("Calipuy") with respect to Calipuy's purchase of Minas Lucero del Sur S.A.C. The next payment from Calipuy is due in December 2022, in the amount of US$300,000. Refer to the Company's news release of January 7, 2021 for further details.

Commented Condor President Lyle Davis: "We congratulate both Chakana and Calipuy in continuing to advance these projects. Condor has been working on our permitting and access agreements at both the Pucamayo and the Huñiac Punta projects, and the funds received will prove useful when those efforts are finalized".

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/706379/Condor-Receives-US875000-in-Property-Payments-and-13m-Chakana-shares

FAQ

What recent financial transactions has Condor Resources Inc. completed?

Condor Resources recently received US$800,000 cash and shares from Chakana Copper Corp., along with US$75,000 from Calipuy Resources.

How much will Chakana pay for the Soledad concessions over the next three years?

Chakana Copper Corp. will make additional payments totaling US$3.425 million over the next three years for the Soledad concessions.

What are the upcoming payment amounts from Calipuy Resources Inc.?

Calipuy Resources Inc. is due to make a payment of US$300,000 in December 2022.