Analyst Research

Report Title Price
Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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. 

Latest Developments for El Condor Minerals Inc

Company Quote

0.0 +0.00%
13 Jun 2014