TORONTO, Feb. 12, 2013 /CNW/ - Sheridan Platinum Group Ltd. ("Sheridan") of Ontario, Canada announces that it has acquired 14,670,000 common shares ("Common Shares") on February 8, 2013 pursuant to a private placement financing of El Condor Minerals Inc. (TSXV: LCO) (the "Corporation") of common shares issued at a price of $0.05 (Canadian) per Common Share (the "Private Placement"). Immediately following the Private Placement, Sheridan owns, controls or has direction over, directly or indirectly, 15,670,000 common shares, representing 14.3% of the Corporation's outstanding common shares.
The Private Placement was effected by the Corporation in conjunction with a loan arrangement whereby Sheridan acted as lender. Pursuant to this financing arrangement, Sheridan has been granted a right to nominate two directors of the Corporation's Board of Directors for so long as the loan remains outstanding.
A copy of the early warning report filed in connection with this press release may be obtained from www.sedar.com under the profile for the Corporation.
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 of accuracy of this news release.
SOURCE: McLean & Kerr LLP
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