Camber Energy Announces $15,000,000 Investment from Institutional Investor

Rhea-AI Summary

Camber Energy (NYSE American: CEI) announced a closed $15 million equity transaction with an institutional investor to enhance working capital and fund new acquisitions. Additionally, the company extended the maturity date of existing promissory notes to January 1, 2024 and included a fixed conversion feature at $1.25 per share, representing a 117% premium from the prior closing price. CEO James Doris expressed confidence in the company's growth and profitability initiatives. For further details, refer to the filings on the SEC website.

Positive

• Secured $15 million from an institutional investor for working capital and acquisitions.
• Extended maturity date of promissory notes to January 1, 2024, enhancing financial flexibility.
• Introduced a fixed conversion feature for notes at $1.25 per share, reflecting a 117% premium.

Negative

• None.

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.

About Camber:

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.

Forward-Looking Statements

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.

Contact Information
Investors and Media:
Tel. 281.404.4387 (ext.3)

SOURCE: Camber Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/655396/Camber-Energy-Announces-15000000-Investment-from-Institutional-Investor

FAQ

What was the recent financial move by Camber Energy (CEI) on July 14, 2021?

On July 14, 2021, Camber Energy secured a $15 million equity investment from an institutional investor.

What is the significance of the promissory notes for Camber Energy's finances?

Camber Energy extended the maturity date of its promissory notes to January 1, 2024, enhancing liquidity.

What is the conversion price set for Camber Energy's promissory notes?

The promissory notes have a fixed conversion price of $1.25 per share, a 117% premium from the prior closing price.