In Separate Transaction Camber Extends Maturity Date of P. Notes & Adds Fixed Conversion Feature
HOUSTON, TX / ACCESSWIRE / July 14, 2021 / Camber Energy, Inc. (NYSE American:CEI) ('Camber' or the 'Company') is pleased to announce it closed a $15,000,000 equity transaction from an Institutional Investor. The Company plans to use the funds for working capital, new acquisitions (directly or through the Company's majority-owned subsidiary), and other purposes.
In a separate transaction, the Company extended the maturity date of existing promissory notes from December 11, 2022 to January 1, 2024, and incorporated a conversion feature in each of the promissory notes entitling the holder to convert all or a portion of the principal amount(s) into shares of common stock of the Company at a fixed conversion price of $1.25 per share, which equates to an approx. 117% premium from the closing price of the common shares on July 9, 2021.
James Doris, President and Chief Executive Officer of Camber, commented, 'These transactions serve as significant catalysts for advancing Camber's growth initiatives. The $15M commitment by the institutional investor is encouraging and seemingly reflective of the confidence in Camber and our operations both short and long term. We are excited about the Company's future and remain focused on forging a path toward profitability and increasing shareholder value.'
For further details please refer to Camber's Current Reports on Form 8-K filed on July 12, 2021 with the Securities and Exchange Commission and available under 'Investors -- SEC Filings' at www.camber.energy.
Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented energy company. Through its majority-owned subsidiary, Viking Energy Group, Inc., Camber owns interests in oil and natural gas assets in the Gulf Coast and Mid-Continent regions. For more information, please visit the company's website at www.camber.energy.
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are 'forward-looking statements', which statements may be identified by words such as 'expects,' 'plans,' 'projects,' 'will,' 'may,' 'anticipates,' 'believes,' 'should,' 'intends,' 'estimates,' and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in Camber's filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe-harbor provisions.
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SOURCE: Camber Energy, Inc.