Condor Energies Inc. announced a private placement of unsecured non-revolving loan for the gross proceeds of $5,900,000 on June 30, 2023. The Loan Facility bears interest at 9.0% per annum. The Credit Agreements are on substantially the same terms, other than the timing for principal repayment whereby $2,840,000 of principal will be repaid in eight quarterly installments commencing on October 14, 2024 and $3,060,000 is due at maturity in 2026.

On the same date, the company has received $510,000 in its first tranche. In connection with the Loan Facility, Condor Energies Inc. issued a total of 2,600,002 common share purchase warrants at an exercise price of $0.48 per share at due at maturity on June 30, 2026. Each Lender received 1/3 of a Warrant for each dollar contributed to the Loan Facility. The Company also entered into intermediary agreements with finders whereby each Finder received 1/6 of a Warrant for each dollar of the Loan Facility loaned by a Lender introduced by the Finder to the Company and accepted by the Company.