Condor provides the following additional information. This explicitly indicates previously released statements that are clarified or withdrawn: 1. Condor was introduced to this funding opportunity by Mastech Management Consultancy FZC, a Dubai-based company with a license to provide advisory services. Mastech would arrange a lease of a bank instrument "bond" and a lending facility "monetisation" based upon this leased bond.
Condor to pay the call option fees. The initial step of the financing was the lease of a bank instrument "bond". That leased bond would be used as security by Condor to raise funds for its operations. L, Masafin a company incorporated under the laws of Spain Masafin Agreement to lease a bond for a period of 1 year.
The material terms of this agreement were: i. Term of 1 year renewable for an additional 4 years; iii. Condor to pay interest for the lease of the said bond of 6. On or about 12 May , Condor became aware that it had a call option over the instrument had not been exercised due to the inability of Mastech to provide suitable short term bridge financing to Masafin.
Condor was advised on 13 March that a bond had been allocated by Masafin to be leased to Condor. Based upon the documents provided to Condor by Masafin, through Mastech, Condor made the announcement to the ASX on 13 March that the transfer of the bond lease had occurred and that the funding process was underway. This announcement reflected the agreement which provided that Condor had an absolute right to lease the instrument.
It would have been better to describe the bond itself as being "transacted", as only this limited right was "transferred". A further announcement lodged with the ASX Market Announcements Platform at am EDST on 7 April , titled, "Debt Funding to be Completed in Europe" and stated that "The final instrument which provides the underlying security for this transaction has been registered to Condor and security will be transferred to the lending party within 7 days".
Condor believed this to be the case at that time. The Company believed that a bridging facility was being completed by Mastech by payment of the required coupon bridge fee. That payment would immediately complete the lease of the instrument from Masafin. Condor is not aware of the full terms of the bridging facility as it was not a party to it.
Masafin subsequently rejected the facility offered by Mastech. Condor was not advised of the rejection until 12 May. The agreements have been signed and the loan funds will be available in April"" and "The non- dilutive debt funding is now due imminently from a Swiss based bank, with the loan documents having been presented to Condor for final review. The loan funds are now due to be provided to Condor in April". Condor wishes to affirm that the title referred to the Signet Coking Coal definitive agreements having been completed that day.
The agreement with Masafin was the debt document referenced in the title, but had been signed earlier. This was accurately described in the description of progress, where a set of monetisation documents had been received by Condor, but no new documents signed as yet. Funds transfer is imminent. These unexpected delays in the process raised concerns over the bona fides and ability to complete the loan by the intermediates. Although continuing the transaction, the management of Condor decided to conduct further due diligence.
Mastech did not provide the required assurances in relation to Masafin. Consequently, as at 30 April , the Masafin Agreement had lapsed under the terms of the agreement. Before the lapse of the call option with Masafin, Mastech was able to offer alternate instruments which it asserted would be verifiable to the higher standards now being required by Condor. The agreement with Mastech remained in place, and Condor received assurances that the loan would still be completed albeit with a different underlying security.
A new call option over a different type of leased bank instrument a Standby Letter of Credit , was sourced by Mastech and offered to Condor at the start of May. On 14 May the Company was informed that Masafin had an issue on the ASX Announcement of 13 March, and on 15 May the Company was further informed that Masafin had placed a notice on their website in relation to Condor's leasing of the Masafin Bank instrument.
This was the first that Condor was aware of any issues concerning Masafin. The release was sent to the intermediates, including Mastech, for review prior to release. Condor relied on assurances that the new instrument was available and that it would in due course complete the loan. This included a statement that "Binding agreements are in place with the involved financial parties". This statement is withdrawn. A binding agreement was in place with Mastech, but not with all the required financial parties.
Contracts had been prepared but not fully executed by all parties. Mastech were incorrect in stating the loan was progressing and Condor relied on these statements. Moreover, due to representation from the intermediates that "the posting was made by persons or persons unknown", Condor concluded that the Masafin posting was due to security breaches but this has now been found not to be correct. Condor withdraws this statement. Condor met with Masafin on 20 May at their "serviced office" address in Madrid, with a person purporting to be from Masafin's legal office.
At this meeting it was stated that the Masafin posting was based upon the "alleged" concern expressed by Dynamic Fincorp Int Ltd an associated company of Masafin that Condor was continuing to assert ownership over the Masafin bank instrument and had profited from this assertion. Accordingly, Condor has declined further discussions with Masafin and referred this matter to our legal advisors Condor's application for a voluntary suspension lodged with the ASX Market Announcements Platform at am EST on 21 May contained the following statement: "The reason for the voluntary suspension is to enable the Company further time to finalise negotiations and conclude its funding arrangements concerning the future operations of the Company, adverted to in its request for a Trading Halt on 19 May It has become apparent to Condor that the statements released on the basis of communication and documentation provided by Masafin and Mastech were incorrect.
Further, Condor did not have the ownership of the bond, but instead a more limited call option right. As a result, all of the agreements. Condor has no further liability under these arrangements and is taking action to recover monies paid. Before making announcements, Condor undertook what it believed to be sufficient due diligence. It was provided with documents which included extracts from Bloomberg, bank letters and other third- party documents. Condor accepted all of the documents as being bone fide and that representations made by all counterparties were true.
Condor will implement a review of its corporate governance policies and ASX disclosure. This will be led by newly appointed Non-Executive Director, Mr. Condor has sought a debt facility as it believes any form of equity participation in the Signet HCC projects would lead to lower valuations of the project compared to what will be obtained once the DFS is completed. Condor also wishes to quickly progress with these important opportunities that would otherwise be severely limited due to challenging conditions in Australian and global small caps equity markets.
Condor Chairman, Dr Paul Crosio, commented: By funding the Marianas and Signet Hard Coking Coal initiatives through debt we can maintain our company structure as well as preserve the ability to capitalise on the re-evaluation of The Duel and other Signet assets once we have completed DFS.
It is our intention to make it a priority to repay this debt through a trade sale or joint venture on The Duel project when we believe the optimal value of the project has been realised. If we went to the equity market at this stage there would inevitably be minimal or no allowance for this future upside potential of Signet. Similarly, with cash in the bank, our position on Marianas is improved and we can take a more aggressive position on joint venture operator negotiations or, if required, even operate it in our own capacity.
Back before I learned my lesson, when I fancied myself a day trader, or whatever other risk-taking term is appropriate, I lost quite a bit of money on this one. One day I hope to make it back, but it has now fallen to a price level that I have found shares have trouble breaking out of. Some do of course, but it can take a long time. Not saying anything in this post, just that it caught my eye.
At its present levels I don't think I'll be joining you any time soon. The share price is what it is for a reason. It would appear the market doesn't trust or believe management. It may have to do with past association with prw or gxn. Who knows??? Progress in completing the 10 million in debt funding is now in its final stage. Condors Chairman Dr. Paul Crosio has arrived in Europe and is overseeing completion of the final documents with the lender.
Condor is pleased to report that its Chairman, Dr. Paul Crosio,. The final execution documentation for the factoring of the loan is now being prepared by a European bank. The terms will now be put forward for shareholder approval. Progress in obtaining 10 million in debt funding is now in its final stage. The agreements have been signed and the loan funds will be available in April, Condor will apply the funds to develop its Marianas Magnetite Tailings Project in Chile through.
Condor has an additional option over the land holding that forms the. Tshipise 2 project that sits east along the same seam as the flagship The Duel project. This option is exercisable at no cost should the The Duel drilling not deliver a minimum inferred resource of at least. Condor considers the pricing of these stakes to be fair given recent valuations on comparable projects at such advanced stages.
For instance, Venmyn Deloitte provided valuations for several adjacent reports to neighbouring company Coal of Africa Limited. The terms of the acquisition will be put to a shareholder vote at an upcoming General Meeting. This Notice of General Meeting is to be sent out to shareholders in the next few days. The Board of Director's strongly urges shareholders to support the acquisition, which the Board unanimously considers to be a means to a serious re-rating of the market value of shareholders' equity.
The central aim of the new joint venture will be for Condor to finance the drill-out of The Duel project. A preferred drilling company with extensive coal experience has rigs available to mobilise. The receipt of the funding for The Duel drilling and to implement full production at the Marianas Magnetite Tailings Project Marianas in Copiapo, Chile, is progressing to schedule. This non-dilutive debt funding is now due imminently from a Swiss based bank, with the loan documents having been presented to Condor for final review.
The loan funds are now due to be provided to Condor in April. I'd personally like to thank our team at Condor, including my fellow. Without their unwavering support, we could never have achieved these outcomes. For a young Company like Condor to be fully funded in the pursuit of high quality development. The commercial scale trial at the Marianas Magnetite Tailings Project has surpassed previous results. Both mined head grade Confirmatory analysis was particularly impressive with Davis Tube Test contained iron in the The magnetite concentrate represented The trial outperformed results in the earlier recovery study and substantially enhanced the modelled.
Copiapo, situated in the Atacama Region of Chile. Marianas contains the fine portion of final residues from the Hochschild Mining Plc copper processing plant leaching and froth flotation , which used to operate in Copiapo. The trial, which involved the commercial scale treatment of Condor Managing Director, Mr Glen Darby confirmed the importance of the results: The commercial trial provides the confidence to proceed with the development of Marianas.
The results surpassed even our expectations, and are perfectly timed with finance due to be delivered this week. Lacerta has demonstrated expertise in recovering a high quality saleable iron concentrate from projects similar to Marianas. Lacerta operates the Mol magnetic separation plant located 90 kilometres north of La Serena, Chile. The processing passed through to the first rougher stage of magnetic selection which utilised magnetic drums of 1, to 1, gauss with 13 poles, at an average rotational speed of 25 to 30 revolutions per minute.
The concentrate obtained in this step, was then passed to the second intermediate stage of magnetic concentration, in which the magnetic drum rotates at a higher speed to achieve better cleaning of the material prior to the final stage. The concentrate obtained in the intermediate stage was then sent to a third and final finishing stage that applied a drum of poles of gauss rotating at revolutions per minute. The reject from this round was recirculated.
The final product coming off the finishing drum was The concentrate grade of the Consequently, to shift this grade up towards the DTT level, the implementation design will include an additional circuit to disagglomerate and sieve the feed as well as a linear arrangement of two final drums to deliver a.
The analytical results of the commercial trial are shown in the table below, which contrasts them from the earlier trial reported on 18 November Condor is now continuing discussions to finalise arrangements to progress Marianas to full production.
In addition to the imminent closing of financing and operating agreement, permitting is also underway and Condor expects to update the market on it in due course. Condor has made a share placement of ,, ordinary shares. Condor is now fully financed for all operations, including the commencement of full scale mining at Marianas in Chile and feasibility work at the newly signed Signet Hard Coking Coal.
Securities Limited Beaufort , a leading UK corporate broker. The company directly placed the remainder of the stock. This third and final tranche completes the investment agreement signed in February Condor Managing Director, Mr Glen Darby, commented: Completion of the Beaufort raise gives us the strongest possible balance sheet as Condor becomes a mining company.
We are very pleased with the work Beaufort have done to get Condors value proposition out to a broader investment community and believe this has been useful in supporting the rerating of Condors share price over recent months. Beaufort Chief Executive Officer, Mr Tanvier Malik, commented: Beaufort are excited with the prospect of working with Condor and helping them to further widen their Investor base in Europe.
Second director has now resigned and CDB still in a trading halt, Well this appears to be the issue, Masafin claim CDB have taken a call option and an extension to get finance but are yet to follow through whilst CDB claim all is fine just waiting on the money? Call option was placed on the Stock Exchange Market on 10th March for acquisition of the bond with a days validity 31 March On 31 March the call option was renewed with a days option validity.
Call option has not been exercised since the Condor Blanco Mines Ltd doesnt has performed the agreements obligations and Cease and Desist was sent to Condor Blanco Mines Ltd on 30th of April , with following reason:. In reference to the signed agreement, in particular Art. On May 13 , was reported by Legal Department that the Condor Blanco Mines Ltd, from the month of April has published false statements about the achievement of an agreement for the financing of 10 million through a bond, already registered in the name of Condor Blanco Mines Ltd.
Above false statement is contained in periodic information submitted by the borrower company to the Australian Stock Exchange; that can be verified at:. In detail, publication of false information is contained in the following official communications:. Reporting: The final instrument which provides the underlying security for this transaction has been registered to Condor and security will be transferred to the lending party within 7 days.
In addition, Condor Blanco Mines Limited made a presentation, edited by ProactiveInvestors Australia, which reports having to obtain such financing as done safely. The ProactiveInvestors Australia has therefore issued this news also on three different web pages at these locations:. We, World Investments Masafin s. The pages even have a. I wanted to buy this stock - but you never know.
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|Anisha arora 4 cast forex||The northern margin of the alteration system was the subject investments/michigan an illegal gold rush some three years ago. Condor Managing Director, Mr Glen Darby, commented: Completion of the Beaufort raise gives us the strongest possible balance sheet as Condor becomes a mining company. Link to original document - Australian Stock Exchange In addition, Condor Blanco Mines Limited made a presentation, edited by ProactiveInvestors Australia, which reports having to obtain such financing as done safely. All the best with it though. Please update your browser. The terms will now be put forward for shareholder approval. The material terms of this agreement were: i.|
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|Shipping container investment review||More news. Your browser is too old for TopStocks and not secure. Condor will then be able to continue with acquisition of additional interest in Signet subject to the terms of the Definitive Agreement. Health Sensyne Health signs five-year non-exclusive Strategic Research Mining Jefferies forecasts multi-year copper deficits, a surge in prices and plenty|
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