VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2012) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has arranged a non brokered private placement to raise gross proceeds of up to $500,000 (the "Offering"). The private placement will consist of up to 5,000,000 shares at a price of $0.10 per share.
The Shares issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the Offering is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.
The net proceeds of the Offering will be used for drilling the Company's wholly-owned Soledad Property located in west-central Peru, and for working capital.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, President & Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
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.