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

Executive Summary

• Condor Energies Inc. announced an amended private placement to raise up to C$12 million in gross proceeds by issuing convertible debentures at $1,000 each.
• The debentures carry 12% annual interest, mature 36 months after issuance, and are convertible into common shares at $2.00 per share.
• Net proceeds will be used to accelerate the 2026 Uzbekistan drilling program (12 wells), add a second drilling rig, fund in‑field compression facilities, support working capital and general corporate purposes.

Key Details

• Offering Size: Up to C$12 million gross proceeds; price per debenture = $1,000.
• Conversion Terms: Each debenture convertible into common shares at a conversion price of $2.00 per share.
• Maturity & Interest: 36‑month maturity; interest 12% per annum, payable semi‑annually in cash; principal repaid in cash at maturity.
• Over‑Allotment Option: Agents may increase the offering by up to 15 %, exercisable up to 48 hours before closing.
• Use of Proceeds:
• Mobilize a second drilling rig for the planned 12‑well program in Uzbekistan (2026).
• Acquire and install in‑field compression facilities to boost production and cash flow.
• Fund working capital, general corporate purposes, and ongoing re‑entry program with a separate workover rig.
• Closing Timeline: Anticipated closing the week of December 22, 2025, subject to regulatory approvals (including TSX).
• Commission & Warrants to Agents:
• Cash commission = 6% of gross proceeds (reduced to 2% for certain “president’s list” orders).
• Broker warrants equal to 3% of the number of common shares issuable upon conversion; exercisable for 36 months at $2.00 per warrant.
• Statutory Hold Period: Convertible debentures and underlying common shares subject to a four‑month‑plus‑one‑day hold period from closing.

Notable Quotes

(No direct quotes were provided in the release.)