TASHKENT, Uzbekistan, December 10. Condor
Energies Inc. (Canada) will expand its development activities in
Uzbekistan through a newly announced brokered private placement of
convertible debentures worth up to $10 million, Trend reports via the
company.
The financing will facilitate the company’s accelerated drilling
program and support its production growth in the country.
According to Condor, the funds will be allocated to mobilize a
second drilling rig for its planned 12-well program in 2026, in
addition to constructing in-field compression facilities designed
to significantly boost production volumes and cash flow. The
company plans to operate two drilling rigs concurrently throughout
2026, alongside a dedicated workover rig to optimize production and
improve re-entry success.
The placement is being managed by Research Capital Corporation,
acting as sole bookrunner and co-lead agent, in partnership with
Canaccord Genuity Corp., supported by a syndicate of additional
agents. The offering consists of convertible debentures priced at
$1,000 each, carrying an annual interest rate of 12%, and maturing
36 months from issuance. These debentures are convertible into
common shares for $2.00 per share.
The agents also hold a 15% overallotment option, allowing for an
increase in the offering size. Closing is anticipated during the
week of December 22, 2025, pending regulatory approvals, including
from the Toronto Stock Exchange.
The offering will be conducted under private placement
exemptions in Canada and permitted jurisdictions. The securities
will be subject to a statutory hold period of four months and one
day.
Meanwhile, in 2024, Condor Energies Inc. signed a contract with
Uzbekistan to increase production and overall recovery rates at
eight natural gas condensate fields in the country.
