08:18 AM EST, 11/29/2024 (MT Newswires) -- Condor Energies ( CNPRF ) said on Friday that it increased the size of its previously announced share offering a second time to $17 million from $15 million.

The offering now comprises shares priced at $1.90 apiece, of which $10 million will be under the Listed Issuer Financing Exemption and $7 million by way of a private placement to accredited investors.

The company initially aimed to raise $10 million in the financing announced Nov. 21. Closing is expected Dec. 5.

Condor plans to use the proceeds for the ongoing workover program in Uzbekistan as part of its production enhancement service activities, accelerating a multi-well vertical and horizontal drilling program to the first half of 2025.

In addition, the company will buy additional in-field flowline water separation systems and field equipment, as well as upgrade field facilities. The funds will also be used for working capital and general corporate purposes.

Condor's share price fell 2.6% yesterday to $2.22 on the TSX.