Withdrawl of Offer

RNS Number : 9029T

Condor Resources PLC

15 June 2009

 



Condor Resources Plc                                      7th Floor   39 St. James's Street London   SW1A 1JD   Telephone [phone]     Fax: [phone]

AIM:CNR

15 June 2009

Condor Resources plc

('Condor' or 'the Company')

Withdrawal of Offer

The board of directors of Condor ('the Board') notes the announcement by Worldwide Natural Resources plc ('WNR') on Friday 12 June 2009 that it has withdrawn its unsolicited offer for Condor ('Offer') following the passing of the resolution by Condor's shareholders to approve the share exchange agreement between Condor and Grafton Resource Investments Limited.  

This news is welcomed by the Board. The Offer was unsolicited and undervalued Condor. The Offer, combined with the connected general meeting requisition described in Condor's announcement of 27 April, represented an unwelcome distraction to the Board and cost to the Company. The Board now looks forward to pursuing further corporate transactions in the interests of creating value for all Condor shareholders.

Condor has been removed from the Takeover Panel's Disclosure Table so is no longer in an Offer Period for the purposes of the Takeover Code.

Enquiries:

Condor Resources Plc	Mark Child, Chairman [phone]
Ambrian Partners Limited	Richard Swindells [phone]
Farm Street Media	Simon Robinson [phone] [phone]

The directors of Condor accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Condor (having taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Ambrian Partners Limited is acting for Condor in connection with the matters referred to above and no one else and will not be responsible to anyone other than Condor for providing the protections offered to clients of Ambrian Partners Limited nor for providing advice in relation to the matters referred to above. 

  About Condor Resources Plc

Condor Resources plc is an AIM listed exploration company focused on developing natural resource projects in Central America. The Company was admitted to AIM on 31st May 2006 raising £4.9m to prove up JORC Resources in Nicaragua and El Salvador. Condor has three 100% owned licenses contained within two project areas in Nicaragua. In El Salvador, Condor has 100% ownership of four licences in two project areas.

Since Admission to AIM, Condor has increased its JORC compliant inferred resources from 350,000 ounces of gold and 18 million ounces of silver to 788,000 ounces of gold and 22 million ounces of silver. The Resource calculations are compiled by independent geologists Ravensgate and Geosure. 

Condor raised £2,000,000 before expenses in July 2008, which will allow the Company to continue developing its existing gold and silver projects in Central America and identify opportunities in the natural resource sector in other geographical locations.

 

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