Condor Announces Closing of $13.65 Million Brokered Financing to Accelerate the 12 Well Drilling Program in Uzbekistan

Core Viewpoint - Condor Energies Inc. has successfully closed a brokered private placement of convertible debentures, raising gross proceeds of $13,650,000 to fund development activities in Uzbekistan and enhance production capabilities [1][4]. Group 1: Offering Details - The private placement involved the issuance of convertible debentures priced at $1,000 each, with a total gross amount of $13,650,000, including an over-allotment option [1][2]. - Each convertible debenture has a principal value of $1,000, convertible into common shares at a conversion price of $2.00 per share, maturing on December 24, 2028, with a 12% annual interest rate payable semi-annually [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to mobilizing a second drilling rig for a planned 12 well drilling program in Uzbekistan in 2026, as well as for in-field compression facilities to boost production and cash flow [4]. Group 3: Agent and Fees - Research Capital Corporation acted as the sole bookrunner and co-lead agent, with Canaccord Genuity Corp. as co-lead agent, and a cash commission of $492,700 was paid to the agents along with the issuance of broker warrants [2][6].