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El Condor Minerals Inc Announces Amendment To Financing Terms


Thursday, 31 Jan 2013 05:39pm EST 

El Condor Minerals Inc announced that it has amended the terms of its previously announced $2,000,000 financing. Under the amended terms, $400,000 of the financing will be by way of a convertible loan and $866,500 will be advanced under a non-convertible loan. Each of the two concurrent loans are for a term of five years, bear interest at a rate of 5% per annum, payable quarterly, and will be secured against the assets of the Company. In addition, the Company will complete a non-brokered private placement of 14,670,000 common shares at a price of $0.05 per common share for gross proceeds of $733,500. The proceeds from the financing will be used to retire the Company's current $2,000,000 debt. All or a portion of the principal amount of the convertible loan will be convertible for common shares in the Company at the price of $0.10 per common share, in whole or in part at the lender's option, at any time during the 5-year term. However should the 20-day average trading price of the common shares of the Company on the TSX Venture Exchange (the Exchange) exceed $1.00, the lender will be obliged to convert the outstanding loan principal to common shares of the Company at the price of $0.10 per share. Both of the loans also include a demand provision whereby the lenders can demand repayment at any time after the second anniversary of closing upon 120 days notice duly given to the Company. 

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