Offering's funds acquire, explore and develop Horden Lake Property
By Devika Patel
Knoxville, Tenn., Oct. 28 - El Condor Minerals Inc. said it once again revised the terms of a C$4.5 million non-brokered private placement. The company will now raise C$2.5 million by selling units and C$2 million from the credit facility.
Previously, the deal priced for C$6 million of units on July 29 and was revised to consist of C$3 million of units and a C$3 million secured credit facility on Sept. 20.
The company will now sell 10 million units of one common share and one half-share warrant at C$0.10 per unit and 10 million flow-through units of one flow-through common share and one half-share warrant at C$0.15 per unit.
Each whole unit warrant is exercisable at C$0.20 for one year; each whole flow-through unit warrant is exercisable at C$0.25 for one year. The strike prices are a 16.67% discount and a 4.17% premium, respectively, to the July 28 closing share price of C$0.24.
The 14-month credit facility has a 12% coupon and is accompanied by a C$200,000 bonus payment in the form of 2 million common shares.
Proceeds will be used for the acquisition of the Horden Lake Property, exploration and development programs at Horden Lake and general working capital and corporate purposes.
The precious and base metals explorer is based in Vancouver, B.C.
| Issuer: | El Condor Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant, secured credit facility, 2 million bonus common shares
|
| Amount: | C$4.5 million
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Agents: | Non-brokered
|
| Pricing date: | July 29
|
| Amended: | Sept. 20, Oct. 28
|
| Stock symbol: | TSX Venture: LCO
|
| Stock price: | C$0.24 at close May 19
|
| Market capitalization: | C$6.21 million
|
|
|
| Units
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| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
| Warrant strike price: | C$0.20
|
|
|
| Flow-through units
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| Amount: | C$1.5 million
|
| Units: | 10 million
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| Price: | C$0.15
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| Warrant strike price: | C$0.25
|
|
|
| Credit facility
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| Amount: | C$2 million
|
| Tenor: | 14 months
|
| Coupon: | 12%
|
| Bonus: | 2 million common shares
|
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