Quetzal Announces Agreement to Sell Horden Lake Property

Quetzal Energy Ltd. (TSXV:QEI) reports it has entered into an agreement with El Condor Minerals Inc. (TSXV:LCO).

The press release is quoted as saying,

Under the terms of the Letter Agreement, El Condor will purchase Quetzal’s 95% interest in the Horden Lake Property for a purchase price of $5 million, comprised of $3 million in cash, including a $100,000 deposit to be paid on or before May 21, 2011, and $2 million in common shares of El Condor. The common shares will be issued at a deemed price equal to the lesser of $0.20 per share and the price per share of a private placement of common shares that is undertaken by El Condor for proceeds of not less than $3 million, which will complete concurrently with, or in conjunction with the Sale.

For the complete press release, click here.