Unique Crypto Strategies
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Unique Crypto Strategies

Investing

Metals Exploration Eyes Condor Gold, Calibre Mining Denies Interest

by December 3, 2024
December 3, 2024
Metals Exploration Eyes Condor Gold, Calibre Mining Denies Interest

Metals Exploration (LSE:MTL) has confirmed its intent to explore the acquisition of Condor Gold (LSE:CNR,TSX:COG,OTC Pink:CNDGF), offering a blend of shares, cash and contingent value rights (CVRs).

Meanwhile, Calibre Mining (TSX:CXB,OTCQX:CXBMF) has clarified that it is not pursuing any deal with Condor, distancing itself from earlier reports of interest in Condor’s La India gold project.

Metals Exploration announced its proposal on Monday (December 2), saying that it values Condor’s existing share capital at approximately 67.5 million pounds (US$85.4 million).

The CVRs would give Condor shareholders access to a share of potential future revenues from additional gold resources discovered at Condor’s projects, capped at 1.6 million ounces over five years.

If fully realized, the CVRs could add 22.6 million pounds to the total consideration.

Galloway, owned by Jim Mellon, non-executive chair of Condor, has pledged to support the proposed acquisition. This support includes Galloway’s 24.7 percent stake in Condor and additional shares through warrant exercises.

Prior to Metals Exploration and Calibre’s clarifying press releases, Condor said on Sunday (December 1) that it had received non-binding offers from both Metals Exploration and Calibre.

As mentioned, Calibre has denied any active interest in acquiring Condor or its La India project.

In its own Sunday statement, the Canadian mid-tier gold producer acknowledged past discussions with Condor regarding La India, but emphasized that no current talks or offers are in place.

“At this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition,” said the company, which operates a hub-and-spoke system in Nicaragua, where La India is located.

La India has been on the market for over two years, with Condor engaging in sale discussions with various parties.

In September, Condor said it was in discussions for an asset-only sale of the project. The announcement highlighted that the sale process aimed to unlock value for shareholders by seeking buyers capable of advancing La India.

At the time, Condor emphasized the project’s potential, underpinned by a feasibility study confirming robust economics and a resource base of over 1.1 million ounces of gold.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
‘Unlimited’ enemy troops, no sleep: Ukrainian soldiers fight to hold on to Russia’s Kursk region
next post
Results of Entitlement Offer

You may also like

Agnico Eagle Secures Majority Stake in O3 Mining,...

Cotec Holdings Corp. And McGill University Commence Project...

Could the Silver Price Really Hit $100 per...

StrategX Announces Executive Change

AMERICAN SALARS LITHIUM PORTFOLIO HEDGED AMID TRUMP TARIFF...

Copper Refining: From Ore to Market (Updated 2024)

Pinnacle Signs Letter of Intent for Option to...

Trump Takes Aim at China with Deep-Sea Mining...

Bitcoin Well Enables Lightning Network On The Bitcoin...

Octava Secures Drilling Contractor for the High-Grade Antimony...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Sycamore Gap: Two men convicted of felling one of UK’s most famous...

    • Putin, Xi and friendly world leaders celebrate Russia’s Victory Day at Moscow Parade

    • Ellen Miles is planting seeds of hope through guerrilla gardening

    • US Policy Momentum, Clinical Progress Fueling Psychedelics Market in 2025

    • China has spent billions developing military tech. Conflict between India and Pakistan could be its first major test

    Categories

    • Business (439)
    • Investing (2,068)
    • Politics (3,419)
    • Uncategorized (1)
    • World (2,184)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: uniquecryptostrategies.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 uniquecryptostrategies.com | All Rights Reserved


    Back To Top