Condor Energies Secures $10M to Boost Uzbekistan's Projects

Condor Energies Inc. announced it has secured $10 million in brokered financing through a private placement of convertible bonds.

The deal is led by Research Capital Corporation as sole bookrunner and co-lead agent, alongside Canaccord Genuity Corp., with participation from Auctus Advisors LLP, The Caspian Post reports via Uzbek media.

Each bond, valued at $1,000, is convertible into common shares at $2.00 per share, matures in 36 months, and carries a 12 per cent annual interest rate, paid semiannually. Agents also received an option to increase the placement by 15 per cent up to 48 hours before closing.

The funds will accelerate Condor’s projects in Uzbekistan, including drilling 12 wells in 2026 with a second rig and building compressor facilities at the field. The program is expected to boost production, cash flow, and working capital.

The offering is conducted via private placements in Canada, with US investors eligible under applicable laws. Closing is anticipated the week of December 22, 2025, pending regulatory approvals, including from the Toronto Stock Exchange (TSX).

Condor will pay agents a 6 per cent commission on the gross offering amount and provide broker warrants for 3 per cent of shares issued upon conversion, exercisable over 36 months. Certain orders may qualify for a reduced 2 per cent commission.