Condor debentures generated C$28.75 million in public-offering gross proceeds after full exercise of the over-allotment option, the company announced on October 20, 2026. The closing added C$488,000 of principal, bringing total gross proceeds from the offering and a previously announced non-brokered private placement to C$72.033 million.
Key Takeaways
- The over-allotment option was fully exercised and closed, completing the public offering.
- The unsecured convertible debt carries 12% annual interest, payable quarterly in cash.
- Proceeds will support projects in Uzbekistan and Kazakhstan, both targeting key milestones in the second quarter of 2027.
Table of Contents
- Condor debentures fund two development projects
- Uzbekistan compression aims to protect existing output
- Kazakhstan LNG unit moves through final testing
- Conclusion
Condor debentures fund two development projects
Condor's financing announcement earmarks net proceeds for field compression facilities in Uzbekistan, modular liquefied natural gas facilities in Kazakhstan, working capital and general corporate purposes. The reported fundraising totals are gross proceeds, rather than the net amount available for those uses.
Research Capital Corporation served as co-lead agent and sole bookrunner, alongside Canaccord Genuity as co-lead agent. The non-brokered private placement used the same price, terms and conditions as the public offering, except for a statutory holding restriction.
The securities combine a cash interest obligation with the option to convert into common shares. They are unsecured, and their terms provide for cash repayment at maturity.
| Item | Details |
|---|---|
| Issue price and principal | C$1,000 per debenture |
| Interest payment schedule | Quarterly in arrears, in cash |
| Share conversion price | C$6.00 per common share |
| Maturity date | October 15, 2029 |
| TSX trading symbol | CDR.DB |
| Private-placement hold period | Expires February 16, 2027 |
Uzbekistan compression aims to protect existing output
Condor said its recent horizontal drilling program at Kumli has increased gas production into a gathering system designed for lower-rate legacy wells. Higher gathering and downstream pipeline pressures can restrict production from those lower-pressure wells as output from the new horizontal wells grows.
The company has awarded a contract for a 1,200-kilowatt booster compressor, with engineering underway. The project has an estimated cost of approximately US$25.3 million and is intended to lower gathering-system pressure, improve reliability and help maintain production from existing wells.
Commissioning is targeted for the second quarter of 2027. That remains a management timetable, not a completed operating milestone.
Kazakhstan LNG unit moves through final testing
At Saryozek, Kazakhstan, fabrication of Condor's first modular LNG liquefaction unit is complete. The assembled unit is undergoing final pressure and acceptance testing before shipment to Kazakhstan.
Module 1 is designed to produce approximately 48,000 gallons, or 80 metric tonnes, of LNG per day. First production remains targeted for the second quarter of 2027.
Condor has secured 20 hectares at the site through July 2059 and is finalizing LNG offtake arrangements. Potential customers include rail, trucking, mining and other diesel-intensive applications; the announcement does not describe those potential sales as finalized contracts.
Conclusion
With the financing closed, the next milestones are completion of LNG unit testing and shipment, followed by the targeted second-quarter 2027 LNG start-up and compressor commissioning. Those project dates remain forward-looking and subject to execution risks.
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