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

Core Viewpoint - Condor Energies Inc. has announced a brokered private placement of convertible debentures, aiming to raise up to $10 million to fund development activities in Uzbekistan and enhance production capabilities [1][4]. Offering Details - The convertible debentures will be priced at $1,000 each, with a total gross proceeds target of $10 million [1]. - Each debenture has a principal value of $1,000, convertible into common shares at a conversion price of $2.00 per share, maturing in 36 months [2]. - The interest rate on the debentures is set at 12% per annum, payable semi-annually in cash [2]. Use of Proceeds - The net proceeds from the offering will be utilized to mobilize a second drilling rig for a planned 12 well drilling program in Uzbekistan in 2026, and for in-field compression facilities to boost production and cash flow [4]. Over-Allotment Option - The company has granted the agents an option to increase the offering size by up to 15%, which can be exercised up to 48 hours before the closing [3]. Closing Timeline - The offering is expected to close around the week of December 22, 2025, subject to regulatory approvals [6]. Agent Compensation - The company will pay a cash commission of 6% on the gross proceeds and issue broker warrants equal to 3% of the common shares issuable upon conversion of the debentures [7].