Condor Energies Raises $19.4 Million for Growth Initiatives

Condor Energies Secures $19.4 Million in Financing

CALGARY, Alberta -- Condor Energies Inc. (TSX: CDR) is excited to announce its recent completion of a brokered offering that raised approximately $19.4 million. This offering of common shares was priced at $1.90 per share, notably including an option exercised by agents for about $2.4 million.

Leadership and Contributions

The capital raise was orchestrated by Research Capital Corporation, which acted as the lead agent with a group of other agents, including Auctus Advisors LLP and Canaccord Genuity Corp.

Investment for Future Projects

The proceeds from this offering are earmarked for a number of significant initiatives at Condor. The funding will support ongoing workover programs aimed at enhancing production in Uzbekistan, enabling Condor to accelerate its multi-well drilling programs into early 2025. Additionally, investments will go toward purchasing new flowline water separation systems.

Details of the Offering

In total, the Offering included the sale of 5,263,150 common shares to various purchasers, which are now classified as free-trading under Canadian securities law. Furthermore, an additional 4,935,432 shares were sold to accredited investors under private placement exemptions.

Director Participation and Ensuring Compliance

Some directors and insiders of Condor participated in the equity raise, acquiring 1,161,999 shares. This alignment with insiders is categorized as a related party transaction, but it falls under exemptions that do not require extensive formal procedures.

Broker Compensation and Support

As part of this successful financing, the company compensated agents with a cash commission totaling $698,364 and issued broker warrants allowing the purchase of shares at $2.20, valid until December 2026. Additionally, an advisory fee of around $250,000 was paid along with advisory broker warrants.

Company Background and Future Aspirations

Condor Energies is a TSX-listed energy transition company, primarily focusing on European and Asian markets. The company has been actively working on producing natural gas and condensate within Uzbekistan, backed by a contract aimed at enhancing production efficiency across its operational fields.

Advancements in Kazakhstan

Aside from operations in Uzbekistan, Condor is also developing LNG facilities in Kazakhstan and engaging in lithium brine production. These initiatives reflect the company’s commitment to diversifying its energy portfolio and investing in future growth opportunities.

Contact Information

For more details about Condor’s latest financing or business operations, interested parties can contact Don Streu, the company's President and CEO, or Sandy Quilty, Vice President of Finance and CFO, at 403-201-9694.

Frequently Asked Questions

What is the purpose of the recent financing by Condor Energies?

The recent financing will support ongoing projects, including workover programs in Uzbekistan and investment in new field equipment and production facilities.

Who led the brokered offering for Condor Energies?

Research Capital Corporation served as the lead agent for the brokered offering, assisted by a syndicate of agents including Auctus Advisors LLP and Canaccord Genuity Corp.

How many common shares were sold in the Offering?

A total of 10,198,582 common shares were sold, which includes shares sold under both the Listed Issuer Financing Exemption and the Private Placement.

What are the benefits of the insider participation in the Offering?

Insider participation shows alignment with shareholder interests and strengthens investor confidence, while also being compliant with regulations via exemptions.

What are Condor’s plans for the future in the energy sector?

Condor Energies plans to continue enhancing production in Uzbekistan and expanding its operations, including developing LNG facilities and lithium production in Kazakhstan.

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