Condor Energies Raises US$13.65 Million Through a Private Placement of Convertible Debentures

Tashkent, Uzbekistan (UzDaily.com) — Condor Energies Inc. has announced the completion of a brokered private placement of convertible debentures totaling US$13.65 million. The placement was led by Research Capital Corporation together with Canaccord Genuity Corp. and a syndicate of agents, including Auctus Advisors LLP.

Each debenture, with a nominal value of US$1,000, is convertible into common shares of the company at US$2 per share, with maturity on 24 December 2028. The annual interest rate is 12%, paid semi-annually.

The raised funds will be allocated to accelerating the company’s projects in Uzbekistan, including the mobilization of a second drilling rig for a 12-well drilling program in 2026, construction of field compressor stations to increase production and cash flow, as well as for working capital and corporate purposes.

Condor plans to operate two drilling rigs with continuous well development while simultaneously conducting repair works to optimize production.

The company paid agents US$492,700 in commissions and issued 111,675 broker warrants, as well as US$218,000 for advisory services with the issuance of 52,500 advisory warrants, each granting the right to purchase one share at US$2 until 24 December 2028.

The placement was completed under private placement exemptions in Canada and the United States. The shares and debentures are subject to resale restrictions until 25 April 2026.

This financing will enable Condor to accelerate its drilling program and strengthen its position in Uzbekistan’s hydrocarbons market, supporting production growth and the company’s strategic development.