06:19 AM EST, 11/21/2024 (MT Newswires) -- Condor Energies ( CNPRF ) overnight Wednesday said it will raise up to $10 million in a private placement of common shares to be sold at $1.90 apiece.

The shares closed up 0.5% yesterday on the Toronto Stock Exchange at $2.08.

The company's largest shareholder, EurAsia Resource Value, along with some insiders and other strategic shareholders are expected to subscribe into the offering, Condor said.

Proceeds of the offering will be used for the ongoing workover program as part of Condor's production enhancement service activities in Uzbekistan, accelerating a multi-well horizontal drilling program, purchasing additional in-field flowline water separation systems and field equipment, upgrading field facilities, working capital and general corporate purposes.