Condor Gold plc has entered into an unsecured term loan facility for up to £475,000 with Galloway Ltd.
LA INDIA
Galloway, owned by Burnbrae Group Ltd which is in turn owned by Condor’s chairman Jim Mellon, owns 26.13% of Condor’s issued ordinary share capital.
Condor non-executive director Denham Eke is also a director of Burnbrae and Galloway.
A total £200,000 is available from the 4 November and £275,000 from 2 December.
Any amount undrawn by 31 December will automatically cancel.
Proceeds will be used for general working capital.
Condor is in the process of finding a buyer for its flagship La India gold project in Nicaragua which has been on the market since November 2022.
In July of this year, the company said it had a preferred bidder for the project.