Condor Gold PLC (AIM: CNR, TSX: COG, OTC: CNDGF) announced it has received two non-binding takeover proposals, one from Calibre Mining Corp (TSX: CXB, OTCQX: CXBMF) and the other from Metals Exploration PLC (AIM: MTL), though only one offer remains active.
As Sky News reported over the weekend, AIM-listed Metals Exploration, backed by property financier Nick Candy, is considering a deal that would value Condor at £150 million—triple its market capitalization of £49 million as of Friday’s close.
Metals Exploration, 35% owned by entrepreneur Nick Candy, has recently secured irrevocable commitments from several Condor Gold investors to support its proposed acquisition, according to Sky News.
Jim Mellon, a prominent metals investor, is Condor’s largest shareholder and also serves as chairman.
Condor placed its La India gold project in Nicaragua up for sale two years ago and announced last week that several new interested parties had been granted access to the data room.
Metals Exploration, which has a market capitalization of just under £100 million, has seen its value double over the past year, while Condor Gold’s share price has risen by two-thirds during the same period, Sky noted.
Meanwhile, Calibre Mining, listed in Canada, confirmed it had engaged in discussions with Condor about acquiring the La India project but clarified it is not currently in discussions or pursuing an active offer.
“At this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition,” the company stated.
