Condor Announces Closing of US$5.9 Million Term Loan Facility Financing and Corresponding Warrant Private Placement - Seite 2

The Offering was completed in two tranches, with the second and largest tranche consisting of US$5,390,000 of the Loan Facility and the issuance of 2,345,002 Warrants (including 548,333 Finder’s Warrants) closing on July 14, 2023, and including US$2,840,000 aggregate principal amount due in eight quarterly installments commencing on October 14, 2023, and US$2,550,000 aggregate principal amount due at maturity on July 14, 2026. A small initial tranche closed on June 30, 2023 consisting of US$510,000 principal amount of the Loan Facility, all of which is due at maturity on June 30, 2026, and the issuance of 255,000 Warrants (including 85,000 Finder’s Warrants). Any common shares issued upon exercising Warrants from the Offering will have a hold period of four months and one day from the date the Warrants were issued. The Warrants expire three years from the date of issuance.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Condor Energies

Condor is an internationally-focused, publicly traded energy transition company uniquely positioned on the doorstep of European and Asian markets. With producing gas assets, an ongoing initiative to construct and operate Central Asia’s first LNG facility, a separate initiative to develop and produce lithium brine and another initiative focused on gas field redevelopments, we’ve built a strong foundation for reserve, production and cashflow growth while also striving to minimize our environmental footprint.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “expects”, “is expected”, “estimates”, “intends”, or “anticipates”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to advance energy transition initiatives of lithium brine production and liquifying natural gas to generate lower carbon LNG; the timing and ability to negotiate and sign the definitive legal documents under favorable terms, or at all, the areas to be included, and the fiscal and operating terms and conditions; the timing and ability to assume full operations of the eight existing fields and two exploration blocks; the timing and ability to execute the transformational business plan; the timing and ability to obtain funding for the planned activities under favorable terms, or at all; and the timing and ability to obtain the various approvals and conduct the Company’s planned activities.