Condor Gold Plc Secures £475,000 Unsecured Loan Facility

Condor Gold plc, a dual-listed exploration and development company, has announced a £475,000 unsecured loan facility with Galloway Limited. Galloway, owned by Burnbrae Group Limited under Chairman Jim Mellon, holds 26.13% of Condor's share capital. The facility, available in two tranches, aims to support Condor's general working capital requirements.

The loan, carrying a 20% interest rate, must be repaid either upon certain business milestones or within 12 months from November 2024. The independent directors of Condor have deemed the loan terms fair and reasonable for shareholders after consultation with their adviser, Beaumont Cornish Limited.

This arrangement qualifies as a Related Party Transaction under AIM rules, emphasizing the interconnected financial relationships within Condor's governance. The company has identified this transaction under exemptions provided by the TSX Company Manual for eligible interlisted issuers.