- Condor Energies (CDR) has disclosed its intention to execute a private placement for aggregate gross proceeds of up to $3,728,447
- The company has signed an agreement with Research Capital Corporation, as the sole agent and sole bookrunner, in connection with a best efforts, private placement.
- The private placement involves issuing of up to 10,966,019 common shares of the company at a price of $0.34 per common share
- Condor Energies is an internationally-focused, publicly-traded energy company positioned on the doorstep of European and Asian markets
- Condor Energies Inc. opened trading at $0.385 per share
Condor Energies (CDR) has disclosed its intention to execute a private placement for aggregate gross proceeds of up to $3,728,447.
The company has signed an agreement with Research Capital Corporation as the sole agent and sole bookrunner.
The private placement involves issuing up to 10,966,019 common shares of the company at a price of $0.34 per common share.
The lead investor and largest shareholder of the company, EurAsia Resource Value S.E., and together with certain other strategic investors and insiders of the company, are expected to subscribe into the offering for an aggregate of approximately $2.3 million in gross proceeds.
The insiders of the company are expected to subscribe to the offering for such maximum amount permissible under regulatory policies.
The company intends to use the net proceeds from the offering for its lithium mining license project, working capital requirements and other general corporate purposes.
As previously announced on November 14, 2022, the company has entered into a binding sale and purchase agreement with a state-owned entity to acquire a 95 per cent working interest in a mining licence in Kazakhstan.
A prior well drilled in the Lithium Licence for hydrocarbon exploration encountered and tested lithium brine deposits with lithium concentrations of up to 130 milligrams per litre, as reported by the Ministry of Geology of the Kazakh Republic.
The offering is scheduled to close on or about the week of December 13, 2022.
The common shares to be issued under the offering will have a hold period of four months and one day from closing.
Condor Energies is an internationally-focused, publicly-traded energy company positioned on the doorstep of European and Asian markets.
Condor Energies Inc. opened trading at $0.385 per share.
