Condor Announces $15 Million Bought Deal Public Offering

Executive Summary

• Condor Energies Inc. has entered into a "bought deal" agreement to issue common shares for gross proceeds of up to $15,002,000.
• The funds are primarily earmarked for the development of natural gas fields in Uzbekistan, specifically enhancing field compression.

Key Details

• Gross Proceeds: Up to $15,002,000.
• Quantity of Shares: 5,770,000 common shares.
• Per-Unit Price: $2.60 per common share.
• Over-allotment Option: Underwriters have an option to purchase up to an additional 865,500 common shares at $2.60, which would provide approximately $2,250,300 in additional gross proceeds.
• Use of Proceeds: Development of natural gas fields in Uzbekistan (including enhancing field compression) and general corporate purposes.
• Underwriters: Canaccord Genuity Corp. and Research Capital Corporation (co-lead underwriters and joint bookrunners).
• Anticipated Closing Date: On or about April 21, 2026.
• Cash Commission: 6% of gross proceeds (reduced to 2% for certain president's list orders).
• Broker Warrants:
  • Quantity: Equal to 3% of the number of common shares sold under the offering (nil for president's list orders).
  • Exercise Price: $2.60 per share.
  • Term: 24 months following the offering.