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Press Release for Early Warning Report Regarding Condor Gold plc

BELIZE CITY, BELIZE, July 29, 2019 (GLOBE NEWSWIRE) -- Nicaragua Milling Company Limited (“Nicaragua Milling”), of 1 Mapp Street, 3rd Floor, Belize City, Belize, today announced that on July 26, 2019, it acquired 9,842,520 units (the “Units”) of Condor Gold plc (“Condor” or the “Company”). The Units were acquired by Nicaragua Milling from the Company pursuant to a private placement transaction at a price of £0.20 per Unit for a total purchase price of £1,968,504 (approximately C$0.327 and C$3,216,929, respectively, based on the Bank of Canada daily average exchange rate on July 26, 2019). Each Unit consists of one ordinary share of £0.20 each in the capital of the Company (an “Ordinary Share”) and one-third of one share purchase warrant (a “Warrant”). Each such whole Warrant is exercisable at a price of £0.25 for a period of 36 months following the date on which the shares are admitted to trading on AIM. The Units were acquired by Nicaragua Milling on the same terms and as part of a larger non-brokered private placement by the Company of 20,192,520 Units (the “Private Placement”) which closed on July 26, 2019.

Pursuant to the acquisition of the Units, Nicaragua Milling acquired ownership and control of 9,842,520 Ordinary Shares and 3,280,840 Warrants of the Company. Prior to acquiring the Units, Nicaragua Milling did not own, directly or indirectly, or exercised control or direction over any Ordinary Shares, Warrants or stock options of the Company (“Options”). Each Warrant entitles the holder to purchase one Ordinary Share.

Immediately following the acquisition of the Units and after giving effect to the Private Placement, Nicaragua Milling owned, directly or indirectly, or exercised control or direction over, a total of (i) 9,842,520 Ordinary Shares representing approximately 10.40% of the Company’s issued and outstanding Ordinary Shares; (ii) 3,280,840 Warrants; and (iii) 0 Options. Assuming exercise of all of the Warrants held by Nicaragua Milling, an aggregate of 13,123,360 Ordinary Shares would be owned, directly or indirectly, or directed or controlled, by Nicaragua Milling, representing approximately 13.40% of the Company’s issued and outstanding Ordinary Shares on a partially diluted basis.

Nicaragua Milling acquired the Units for investment purposes. Nicaragua Milling may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.

Condor’s head office is located at 7/8 Innovation Place, Douglas Drive, Godalming, Surrey, GU7 1JX.

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Condor’s profile on the SEDAR website www.sedar.com.

For further information and to obtain a copy of the early warning report, please contact:

Nicaragua Milling Company Limited
1 Mapp Street, 3rd Floor
Belize City, Belize

Telephone: +(501) 223-4708