08:44 AM EST, 11/25/2024 (MT Newswires) -- Condor Energies ( CNPRF ) on Monday said it is increasing its private placement financing by $5 million to $15 million.

Shares will be issued at $1.90 each with proceeds to be used to develop operations in Uzbekistan.

The agents have also been granted an over-allotment option of up to $2.25 million.

The offering will comprise of 5.3 million shares issued under the Listed Issuer Financing Exemption (LIFE), which are not subject to a statutory hold in Canada, and up to 3.8 million accredited investor shares.

Lead investor and Condor's largest shareholder, EurAsia Resource Value, along with other strategic investors, will be subscribing into the accredited investor offering, Condor said.

The offering is expected to close by Dec. 5.