Condor Energies Raises US$10 Million to Accelerate Drilling Program in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — Condor Energies Inc. has announced the raising of US$10 million in brokered financing through a private placement of convertible debentures. The agreement was arranged with Research Capital Corporation as the sole bookrunner and co-lead agent, together with Canaccord Genuity Corp., and with the participation of Auctus Advisors LLP.

Each debenture, with a face value of US$1,000, is convertible into common shares of the company at a price of US$2.00 per share, with a maturity of 36 months and an annual interest rate of 12%, payable semiannually. The agents have been granted an option to increase the size of the offering by 15% up to 48 hours before closing.

Proceeds from the placement will be used to accelerate Condor’s development projects in Uzbekistan: the company plans to drill 12 wells in 2026 with the addition of a second drilling rig, as well as build compressor facilities at the field. The program is expected to boost production, cash flow, and working capital.

The offering is being conducted through private placements in Canada, with potential participation from U.S. investors subject to legal requirements. Closing is expected in the week of December 22, 2025, contingent on the satisfaction of all regulatory conditions, including approval from the Toronto Stock Exchange (TSX).

Condor Energies will pay the agents a commission equal to 6% of the gross proceeds and will issue broker warrants equal to 3% of the shares issuable upon conversion of the debentures, exercisable for 36 months. Certain orders qualify for a reduced commission of 2%.