Condor Gold Share Discussion Threads

[theabbey] 15/10/2012 07:50

The Placing Agent is from Toronto...interesting!

From their website:
"NewGen is a fund management company headquartered in Toronto, Canada. We manage various Funds that invest solely within the global resources industry with an emphasis on identifying the best advanced exploration and development stage companies."

[tees maar khan] 15/10/2012 07:40

I must say this placing is better than I had expected.TMK

[scientologyweirdo] 15/10/2012 07:30

Placing to raise £4,249,268

Condor Gold plc, the AIM listed gold and silver exploration company focused on proving a large commercial open pit and underground reserve on its 2,375,000 oz gold resource at La India Project in Nicaragua, is pleased to announce that it has raised £4,249,268 before expenses, by way of a private placing of 2,655,791 new ordinary shares with a nominal value of £0.20 each ("Ordinary Shares") at a price of £1.60 each primarily with institutional investors ("the Placing").

As part of the Placing, Roger Davey, a Non-executive director, has subscribed for 12,500 new Ordinary Shares and Jim Mellon, a Non-executive director has subscribed for 38,820 new Ordinary Shares. Roger Davey will hold 32,500 Ordinary Shares representing 0.10% of the enlarged issued share capital and Jim Mellon's beneficial interest (held directly and indirectly through Galloway Limited) in the Company will stand at 388,820 Ordinary Shares representing 1.17% of the enlarged issued share capital.

Application has been made for a total of 2,655,791 new ordinary shares (the "Placing Shares") to be admitted to trading on AIM ("Admission") with Admission expected to be effective from 19th October 2012. The Placing Shares will rank pari passu and have the same voting rights as the existing Ordinary Shares. Following Admission there will be 33,169,746 Ordinary Shares in issue.

NewGen Asset Management Limited was the sole introducing agent for the Placing. The net proceeds of the Placing will be used to provide additional working capital, to implement a feasibility drill programme and exploration drill programme on Condor's flagship La India Project in Nicaragua and cover certain cash installment payments due in connection with the acquisition of the Espinito Mendoza and La Mojarra concessions as announced on 24 August 2011 and 11th October 2012 respectively.

[theabbey] 15/10/2012 07:22

$6m approx - that should take care of working capital needs for some time!

Espinito Mendoza cost $1.625m of which $250k was paid at the time. Mojarra $1m. = $2.4m

Quite a bit of WC but would like to see EOY accounts ($1.1m net of current liabilities @ 30.06.12) post all the drilling that has taken place.

=$4.7m (excluding any additional opex since 30.06.12.)

Makes me wonder what they're going to do with it apart from... [RNS: "...The net proceeds of the Placing will be used to provide additional working capital, to implement a feasibility drill programme and exploration drill programme on Condor's flagship La India Project in Nicaragua and cover certain cash installment payments due in connection with the acquisition of the Espinito Mendoza and La Mojarra concessions as announced on 24 August 2011 and 11(th) October 2012 respectively. "].

[scientologyweirdo] 15/10/2012 07:08

You see Cf12 no need for SEDA if you are a proper company.

£4m raised no sweat.

[yangou] 14/10/2012 13:27

An interesting video on why gold will rise in price

[hellisreal] 13/10/2012 20:03

Latest update on CNR by Jibbo on LSE

1. An excellent management team of Mark Child, Jim Mellon and Roger Davey. Mark Child's negotiation skills have contributed significantly to the resource in Nicaragua growing from 41,000 oz to the current 2.49 million oz at an average cost of just $4 an ounce. The industry average is $20 an oz.

2. The high grade of gold. The 2,497,000 million ounces in Nicaragua is at 4.6 g/t

3. Nicaragua is a mining friendly country with several established gold mines and the World Bank has recognized that Nicaragua is now the top location in Central America for investor protection. The exploration and mining licences held by CNR were awarded for a 25 year period. Despite the presence of B2Gold in the country with two operating mines and over 100k oz pa production, it is CNR that has by far the biggest resource in Nicaragua.

4. The recent RNS has confirmed a maiden open pit resource of 954,000 oz at a very high grade (for open pit) of 3.6 g/t. B2Gold, which operates a 100k oz pa open pit nearby, has an average open pit grade of 1.8g/t and operational costs of $500 an oz. CNR should be able to produce at nearer to $325 an oz, given the higher grade, and La India District will host one of the lowest cost mines in the world. By combining high grade narrow vein mining with open pit, a mill producing at least 150k oz pa should be feasible (based on the resource to date, which will continue to grow rapidly) and that will hopefully be confirmed in the forthcoming PEA in October.

5. The aim is to prove up a large commercial reserve at La India District. The NI 43-101 total in the District is now 2,410,000 ounces. CNR's recent drilling has been highly successful, not only returning some bonanza grades, but also in terms of the ounces returned per metre drilled. The industry average is 250,000 oz per 5000m drilled or 354,000 oz per the 7090m drilled by CNR. The rate of return at La India has been 525,387 oz per 5000m - more than double the industry average.The last 7090m drilling campaign cost around $1.1 million and resulted in 750,000 new ounces (of which 500k were Indicated). That works out at around $1.4 per ounce. Soviet exploration estimated 2.4 million oz in the District but CNR has been exceeding the Soviet figures by more than 50%. CNR has since made several new and important discoveries and has has just purchased the exciting( contiguous) La Mojarra concession which may well contain the' feeder system' for the District. It is no wonder that Mark Child is now talking about the likelihood of at least 3.6 million oz in La India District.

6. Good local infrastructure with a main road, water, cheap labour and power lines nearby.

7. B2Gold's recent purchase of two concessions in Nicaragua equates, pro rata, to 500p per share. Edison value CNR's revised resource at £3.25 a share. We await the results of the PEA in less than a month's time and a resultant new (much higher) NPV (likely to be more than £7 per share).

[frankel2] 12/10/2012 14:16

7431 - think it's the latter.

F12 is a trader.

CNR is the kind of share 'investors' hold.

How many open pit 2Moz+ high grade gold deposits do you think there are in the world? CNR will never go in to production because it will be bought by a major. The more gold they find, the more attractive they become.

Of course they will need to continue raising money, but they're adding value by increasing the resources.

It's a no brainer.

[christianf12] 12/10/2012 11:20

Advfn have switched one of his accounts as scientologyweirdo to this:

user-250148

I think it means he has had 250,148 usernames so far.

[christianf12] 12/10/2012 11:12

Really?

Limited to what?

[papal_pauper] 12/10/2012 11:10

Yes Mark Childs has been very upfront about upcoming fund raisings. It will be limited compared with a Market Cap of £50m.

No SEDA's or any of that sort of last resort financing which your stocks have to go begging for. That is the beauty of having serious brokers and Institutional Investors.

Condor often get placings away at premiums !

[christianf12] 12/10/2012 10:44

In the meantime, the Company is in the process of securing interim funding. Following receipt of the PEA there will be a strategy review to determine whether the open pit resource is fast tracked to production or the Company keeps drilling to increase the gold resource on La India Project or a combination of the two.


= dilution

[christianf12] 12/10/2012 10:43

Should be about out of cash now following recent drilling so what chance a placing around 100p?

From interims

The operating loss for the 6 month period was £748,048. The cash equivalents at 30th June 2012 were £1,254,735. The Company raised gross proceeds of £2.5m by way of a private placement of new ordinary shares during the period at 5 pence in March 2012. At the AGM on 25th June 2012 the shareholders approved a change of the company's name to Condor Gold plc from Condor Resources plc and approved a 20 to 1 share consolidation, which has resulted in 30,513,955 ordinary shares in issue.

[papal_pauper] 12/10/2012 10:01

Good for you. I'll go find some valuation data on FTE.

[blueyonder] 12/10/2012 09:52

gold forcast

[christianf12] 12/10/2012 09:50

That is good to hear. I won't post the same thing over and over again like you do though. That is not debate, it's deramping. New info is good though. I'll go and research CNR's accounts.

[papal_pauper] 12/10/2012 09:48

You're welcome CF12

Debate is good. No censorship here.

[christianf12] 12/10/2012 09:45

IF YOU HAVE BEEN A HOLDER IN RECENT MONTHS, TIME TO START BOOKING PROFITS!!!!!

Tell Papl Pauper as long as he continues to post on the shares I am interested in, I will continue to post here.

[papal_pauper] 12/10/2012 09:02

Bill Gross Says Gold Will Thrive in 'Ring of Fire'

Wednesday October 10, 2012 10:16

[papal_pauper] 12/10/2012 08:58

Gold working off overbought technicals by going sideways. This is huge technical positive confirmation.