Condor Gold plc received notice from its chairman’s company to exercise warrants for 3,333,332 new ordinary shares of £0.001 each, at an issue price of 15p per share for £499,999.80.
LA INDIA
The notice came from Galloway Ltd, wholly owned by Burnbrae Group Ltd, which in turn is wholly owned by chairman Jim Mellon.
Condor non-executive director Denham Eke is a director of Burnbrae and Galloway.
Following admission, Galloway will hold 26.13% of the company’s issued ordinary shares, increased from its December 2023 holding of 25.63%.
Condor’s total issued share capital will comprise 203,207,484 ordinary shares of £0.001 each, with voting rights.
Additionally, on 10 May Randy Martin sold 267,500 ordinary shares of £0.001 each in Condor, held on behalf of Nicargua Milling Company.
From the same date neither he nor Nicargua Milling had a notifiable interest in Condor’s issued share capital.
Interest continues in Condor’s flagship La India project, which was put up for sale in November 2022.
In the company’s annual report Mr Mellon said that as 16 May 2024, eight companies were under non-disclosure agreements, five nonbinding offers had been received and three site visits completed.
Condor is also in advanced discussions with one gold producer, while two other parties are actively reviewing the company’s assets.
“The board is optimistic that a sale will be concluded in the near future,” he added.
For 2023, the group’s losses decreased to £1,701,922 (2022: £2,537,459).
Foreign exchange losses totalled £2,675,988 (£3,232,610 gain) as a result of changes in US dollar against the British pound.
Mr Mellon said that the board was aware of currency fluctuations and was working to mitigate any further losses.
During the 12 months, Condor raised £3,250,696 after expenses (£5,574,674) while the group’s net cash balance fell to £1,969,249 (£2,444,093).