From Financial Post · GlobeNewswire · · 1m 40s
Condor Completes Public Offering with Over-Allotment Exercise
Condor Energies closes C$28.75m public offering after full over-allotment option exercise.
In brief
Condor Energies closes C$28.75m public offering after full over-allotment option exercise. Condor Energies raised C$28.75m from a public offering of convertible debentures, using proceeds for field compression in Uzbekistan and LNG facilities in Kazakhstan. Originally reported by Financial Post.
Condor Announces Public Offering
Condor Energies Inc. completed a public offering of 12% unsecured convertible debentures at C$1,000 per debenture.
Full Over-Allotment Option Exercise
Condor exercised the over-allotment option in full, issuing an additional C$488,000 principal amount of debentures.
Total Gross Proceeds
The offering generated C$28,750,000 in gross proceeds from the public offering and non-brokered private placement.
Convertible Debenture Terms
Each debenture has a principal value of C$1,000, converts at C$6.00 per share, and matures on October 15, 2029.
Interest and Repayment
Interest accrues at 12% per annum, payable quarterly in arrears, with repayment in cash on maturity.
Uzbekistan Field Compression
Condor installs 1,200 kW booster compressor in Uzbekistan to improve gas production reliability.
Kazakhstan LNG Facility
Condor develops first modular LNG facility producing 48,000 gallons per day in Kazakhstan.
Uzbekistan Project Timeline
Field compression project targets commissioning in Q2 2027 with estimated cost of US$25.3 million.
Kazakhstan LNG Timeline
LNG facility undergoes final testing before shipment to Kazakhstan with first production targeted for Q2 2027.
Land and Offtake Arrangements
Condor secured 20 hectares in Kazakhstan through July 2059 for LNG off-take agreements.
Use of Proceeds
Net proceeds fund field compression facilities in Uzbekistan, modular LNG facilities in Kazakhstan, and working capital.
Forward-Looking Statements
The company provides forward-looking statements about project timelines and financial outcomes.
At a glance
Condor Energies raised C$28.75m from a public offering of convertible debentures, using proceeds for field compression in Uzbekistan and LNG facilities in Kazakhstan.
