Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) has entered into an unsecured term loan with major shareholders Galloway for up to £475,000.
Galloway is wholly owned by Burnbrae Group which is, in turn, wholly owned by Jim Mellon, Condor's chairman, and owns 26.13% of the company's issued ordinary share capital
Some £200,000 of the loan is available from 4 November 2024 and £275,000 is available from 2 December 2024.
The unsecured term loan facility carries an interest rate of 20% with the loan to be repaid from planned sales of assets or all of the business.