Condor Announces Closing of $13.65 Million Brokered Financing to Accelerate the 12 Well Drilling Program in Uzbekistan

Executive Summary

• Condor Energies Inc. closed a brokered private placement of convertible debentures raising $13,650,000 in gross proceeds.
• Each $1,000 debenture converts at $2.00 per common share, bears 12% annual interest, and matures on December 24, 2028.
• Net proceeds are earmarked to accelerate Uzbekistan development: deploying a second drilling rig for a 12‑well program in 2026, adding in‑field compression facilities, expanding workover operations, and supporting working capital/general corporate purposes.

Key Details

• Offering Structure
• Principal amount per debenture: $1,000
• Conversion price: $2.00 per common share
• Interest rate: 12% per annum, payable semi‑annually in cash
• Maturity date: December 24, 2028; principal repayment in cash at maturity
• Gross Proceeds: $13,650,000 (including over‑allotment option exercise)
• Lead Agents
• Research Capital Corporation – sole bookrunner & co‑lead agent
• Co‑lead agent: Canaccord Genuity Corp.
• Syndicate also included Auctus Advisors LLP
• Commission & Fees
• Cash commission to agents: $492,700
• Advisory fee to agents: $218,000
• Warrants Issued
• Broker warrants: 111,675 warrants (1 common share at $2.00 each, exercisable until Dec 24, 2028)
• Advisory warrants: 52,500 warrants on the same terms as broker warrants
• Use of Proceeds
• Mobilize a second drilling rig for a planned 12‑well drilling program in Uzbekistan (2026)
• Acquire and install in‑field compression facilities to boost production and cash flow
• Fund working capital, general corporate purposes, and support a separate workover rig for production optimization
• Holding Period: Securities subject to a hold period expiring April 25, 2026.

Notable Quotes

(No direct quotes were provided in the release.)