/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/
TSX-V Symbol: LCO
VANCOUVER, May 20, 2011 /CNW/ - El Condor Minerals Inc ("El Condor" or
the "Company") is pleased to announce that it has arranged a
non-brokered private placement in the capital of the Company (the
"Offering") for aggregate gross proceeds of up to $1,000,000.
The Offering is comprised of up to 6,666,667 units (the "Units") at a
price of $0.15 per Unit, each Unit consisting of one common share of
the Company and one half of one common share purchase warrant (a
"Warrant"), each whole Warrant entitling the holder to purchase one
additional common share of the Company at a price of $0.25 for a period
of one year from the closing of the Offering. The Company may pay
finders' fees on all or part of the Offering within the policies of the
TSX Venture Exchange. Closing of the Offering is subject to a number
of conditions, including receipt of all necessary corporate and
regulatory approvals. All securities issued in connection with the
Offering will be subject to a statutory hold period of four months plus
a day from the date of issuance in accordance with applicable
securities legislation. The proceeds from the Offering will be used for
due diligence, general working capital and corporate purposes.
Investor Relations Appointment
The Company is also pleased to announce that it has engaged Caliber
Capital Partners Inc. as its investor relations service provider.
Caliber will be responsible for daily interaction with investors and
shareholders, marketing the Company to both retail and institutional
investors, as well as making introductions to industry analysts and the
media. The Company has entered into an investor relations agreement
with Caliber for a term of one year, paying a fee of $2,000 per month,
plus a grant of 200,000 incentive stock options. The agreement is
subject to the approval of the TSX Venture Exchange.
About El Condor Minerals Inc.
El Condor Minerals Inc. is a minerals exploration company focused on the
discovery of large precious- and base-metal mineral systems in stable
political jurisdictions. Additional information on El Condor, its
properties and exploration activities is available at the Company's
ON BEHALF OF THE BOARD OF DIRECTORS
"Leigh W. Freeman"
President & CEO
This news release does not constitute an offer to sell or solicitation
of an offer to sell any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to a U.S. Person unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE El Condor Minerals Inc.
For further information:
please contact the Company at (604) 689-8336 or firstname.lastname@example.org.