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

Core Viewpoint - Condor Energies Inc. has announced an increase in its brokered private placement of convertible debentures due to strong demand, aiming for gross proceeds of up to $12,000,000 [1] Group 1: Offering Details - The convertible debentures have 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 offering includes an Over-Allotment Option allowing an increase of up to 15% in size, exercisable by the agents prior to closing [3] - The offering is expected to close around the week of December 22, 2025, subject to regulatory approvals [6] Group 2: Use of Proceeds - Net proceeds from the offering will be utilized to accelerate development activities in Uzbekistan, including mobilizing a second drilling rig for a planned 12 well drilling program in 2026 and for in-field compression facilities [4] Group 3: Financial Terms - The convertible debentures will accrue interest at 12% per annum, payable semi-annually in cash, and will be repaid in cash at maturity [2] - The company will pay agents a cash commission of 6% of gross proceeds, with a reduced commission for certain orders, and issue broker warrants equal to 3% of common shares issuable upon conversion [7]