El Condor Minerals Inc Completes Private Placement Financing

El Condor Minerals Inc announced that it has completed the private placement of 11,666,667 flow-through units (FT Units) and 10,000,000 non-flow through units (NFT Units) of the Company for gross proceeds of $2,750,000 . Each FT Unit is comprised of one flow through common share and one-half of one share purchase warrant (FT Warrant). Each NFT Unit is comprised of one common share and one-half of one share purchase warrant ("NFT Warrant"). Each whole FT Warrant entitles the holder to acquire an additional common share at a price of $0.25 per share for a period of one year, and each whole NFT Warrant entitles the holder to acquire an additional common share at a price of $0.20 per share for a period of one year. The proceeds of the financing will be used for exploration and development work at the Horden Lake Copper Project in Quebec , and for general working capital and corporate purposes. Finder's fees of up to 8% cash totaling $159,860.39 , plus 526,669 warrants to purchase common shares at a price of $0.25 per share for a period of one year and 633,600 warrants to purchase common shares at a price of $0.20 per share for a period of one year were paid on portions of the private placement. All securities issued under the private placement are subject to a four month and one day hold period that expires March 29, 2012 .