Extinguishes Over 40% of Series C Convertible Pref. Stock
HOUSTON, TX / ACCESSWIRE / January 4, 2022 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company") is pleased to announce it closed the $25 million loan transaction previously disclosed by the Company in its Current Report filed on Form 8-K with the Securities and Exchange Commission on December 27, 2021.
Proceeds of the Loan were used (i) to redeem all issued and outstanding shares of Series C Redeemable Convertible Preferred Stock of the Company not beneficially owned by the lender or its affiliates; (ii) to pay a secured loan otherwise due on March 8, 2022; and (ii) for working capital purposes. Features of the Loan include:
Additional details regarding the transaction were included in Camber's Current Reports on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 27, 2021 and January 4, 2022, and are available under "investors" - "SEC filings" at www.camber.energy
About Camber Energy, Inc.
Camber Energy, Inc. is a growth-oriented diversified energy company. Through its majority-owned subsidiary, Camber provides custom energy & power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States The company's majority-owned subsidiary also holds an exclusive license in Canada to a patented carbon-capture system. 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.