04:43 PM EST, 12/11/2024 (MT Newswires) -- Eurasia Resource Value S.E. (ERV) after the close of trade Wednesday said it remains as the largest shareholder in Condor Energies ( CNPRF ) after a recent offering of Condor's shares.

ERV announced that it acquired 1.05-million shares of Condor, which earlier this week closed a private placement of 10.2-million shares to raise $19.4 million

A statement noted ERV subscribed as an "accredited investor" and the aggregate consideration paid by it was about C$2 million or C$1.90 per share. Prior to the Offering, ERV held 13.4-million Condor shares, or approximately 23.40% of the total issued and outstanding. Following the Offering, ERV holds 14.45-million shares, or 21.42% of the total.

As Condor's largest shareholder before and after the Offering, ERV said it participated in the offering for investment purposes as it believes the proceeds will position Condor to execute on its current business plan and strategy.

Condor shares closed up $0.01 to $1.89 on the Toronto Stock Exchange.