Condor Energies Announces $10 Million Financing Plan
Condor Energies Inc. (TSX: CDR) is excited to share that it has entered into a strategic agreement with Research Capital Corporation as the leading agent for a $10 million brokered private placement. This initiative is set to strengthen the company's position by enabling significant growth and development in its operational regions.
Participation of Key Investors
The offering will see participation from its largest shareholder, EurAsia Resource Value S.E., along with involvement from notable insiders and other strategic investors. Their confidence in Condor reflects a collective belief in the company’s potential and the promising prospects ahead.
Production Highlights and Future Plans
Condor Energies has reported remarkable progress in its production efforts in Uzbekistan, achieving an average of 11,066 barrels of oil equivalent per day (boe/d) over the past week. This represents a significant growth rate, showcasing an increase from 10,010 boe/d recorded in the previous quarter. Currently, Condor operates two workover rigs and plans to enhance operations by adding a third rig in early 2025. An exciting infill drilling campaign is also scheduled to begin in the first half of 2025, further fueling the company's growth trajectory.
Utilization of Funding
The net proceeds from this financing will be directed towards enhancing Condor's operational capabilities in Uzbekistan. This includes progressing their workover program initiated in mid-2024, expanding their horizontal drilling operations, and upgrading field facilities. These efforts are essential in improving production efficiency and expanding the company’s infrastructure.
Key Details on the Offering
Condor's plan to offer its common shares involves the participation of qualified investors from various jurisdictions. Notably, the offering will comply with applicable securities laws, enabling sales across different regions including Canada and the United States. The shares sold will adhere to the requirements of an exemption under Canadian securities laws, providing a smooth path for investor participation.
Closing Date and Structure of the Offering
The financing is expected to wrap up around early December 2024, pending approval from necessary regulatory bodies including the Toronto Stock Exchange (TSX). Additionally, a commission structure has been established to reward the agents facilitating this brokered offer, including a cash commission and warrants tied to company shares.
About Condor Energies
Condor Energies is a Canadian-based, TSX-listed energy transition company focused on energy production in European and Asian markets. The company has made strides in both natural gas and LNG production, strengthening its presence in Uzbekistan and exploring opportunities in Kazakhstan for LNG facilities and lithium brine production.
Contact Information
For those seeking more information, Don Streu, President and CEO, and Sandy Quilty, Vice President of Finance and CFO, are available for contact at 403-201-9694. Condor is committed to transparency and ensuring that its stakeholders are kept informed about their progress and plans.
Frequently Asked Questions
What is the purpose of the $10 million financing?
The financing is intended to enhance Condor’s operations in Uzbekistan, including upgrading facilities and expanding their drilling programs.
Who are the key investors in this financing?
The lead investor is EurAsia Resource Value S.E., along with several insiders and other significant strategic investors.
What are the production expectations for Condor?
Condor has recently achieved an average production of 11,066 boe/d and plans to continue increasing this output through enhanced operations.
When is the expected closing date for the financing?
The closing is anticipated around early December 2024, subject to regulatory approvals.
How can I contact Condor Energies for more information?
Individuals can contact Don Streu or Sandy Quilty at the company’s telephone number: 403-201-9694.