Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) said Burnbrae Group, wholly owned by Jim Mellon, the explorer's chairman, is to exercise around 3.33 million warrants at 15p per share for a total consideration of just short of £500,000.
Burnbrae subsidiary Galloway will hold 26.13% of Condor’s issued shares post the warrants exercise.
Denham Eke, a non-executive director of Condor, is also a director of Burnbrae and Galloway.