Condor Energies Announces a $10 Million Brokered Financing to Accelerate the 12 Well Drilling Program in Uzbekistan

Executive Summary

• Condor Energies Inc. announced a brokered private placement of up to $10 million aggregate gross proceeds of convertible debentures priced at $1,000 each.
• The debentures bear 12% annual interest, mature in 36 months, and are convertible at $2.00 per common share; an over‑allotment option allows the agents to increase size by up to 15%.
• Net proceeds will be used to accelerate Uzbekistan development – mobilizing a second drilling rig for a 12‑well program in 2026, adding in‑field compression facilities, and supporting working capital and general corporate purposes.

Key Details

• Offering Size: Up to $10 million gross proceeds (maximum of 10,000 convertible debentures).
• Price per Debenture: $1,000.
• Principal Amount per Debenture: $1,000.
• Conversion Price: $2.00 per common share.
• Interest Rate: 12% per annum, payable semi‑annually in cash.
• Maturity: 36 months from issuance; 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:
• Deploy a second drilling rig for a planned 12‑well program in Uzbekistan during 2026.
• Install in‑field compression facilities to boost production and cash flow.
• Fund working capital, general corporate purposes, and ongoing re‑entry program activities.
• Closing Timeline: Anticipated week of December 22, 2025 (subject to regulatory approvals).
• Agents & Compensation:
• Lead bookrunner: Research Capital Corporation; co‑lead agent: Canaccord Genuity Corp.; additional agents include Auctus Advisors LLP.
• Cash commission: 6% of gross proceeds (reduced to 2% for certain “president’s list” orders).
• Broker warrants: Equal to 3% of the common shares issuable upon conversion; exercisable at $2.00 per warrant for 36 months post‑offering.
• Regulatory Notes: Offering relies on private placement exemptions in Canada and may be offered elsewhere where lawful, including the United States under applicable exemptions. Statutory hold period of four months and one day applies to both debentures and underlying shares.

Notable Quotes

(No direct quotes were provided in the release.)