Condor Energy (ASX:CND) received firm commitments to raise AU$3 million via the placing of about 115.4 million shares at AU$0.026 apiece, according to a Thursday filing with the Australian bourse.
Proceeds will be used for exploration and commercialization activities in the Tumbes Basin Technical Evaluation Agreement in offshore Peru, as well as general working capital, the filing said.
Euroz Hartleys served as the sole lead manager for the placement, per the filing.
Condor Energy shares were down 10% in afternoon trade Thursday.
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