Quetzal Announces Agreement to Sell Horden Lake Property

- May 12th, 2011

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

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.

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2 responses to “Quetzal Announces Agreement to Sell Horden Lake Property

  1. Five hours after this article was written, silver is crashing, down over 4.5%. Why anyone would pay attention to such amateur authors who have no idea of what is going on, is beyond me.

  2. Five hours after this article was written, silver is crashing, down over 4.5%. Why anyone would pay attention to such amateur authors who have no idea of what is going on, is beyond me.

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