Metals Exploration makes takeover bid for Condor Gold

Condor Gold said on Monday that it has received a non-binding takeover offer from AIM-listed group Metals Exploration.

Metals Exploration's offer, which values Condor Gold at £150.0m, was said to be in "advanced-stage discussions" but the group noted that there was still no certainty that any firm offer will be made.

Metals Exploration also announced that it had entered into an unsecured bridging term loan facility for £5.5m with Drachs Investments in connection with the possible offer.

Elsewhere, Canadian outfit Calibre Mining stated that while it had engaged in discussions with Condor regarding the potential acquisition of its La India asset, it was not currently in talks with the group.

As of 1015 GMT, Condor shares had surged 19.58% to 28.70p, while Metals Exploration shares were down 7.02% at 5.30p.

Reporting by Iain Gilbert at Sharecast.com