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, TurkicWorld 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.
