By Sheri Kasprzak
New York, Sept. 15 - Empire Petroleum Corp. settled a $1.45 million private placement with a single investor.
The investor received 7.25 million shares at $0.20 apiece and also came away with warrants for 1,812,500 shares.
The one-year warrants are exercisable at $0.50 each.
Proceeds will be used to fund Empire's well costs.
In other news, the company announced drilling operations were commenced at the Empire Cobble Cuesta 1-12-12N-34E property in Nevada.
Located in Tulsa, Okla., Empire is an oil and natural gas exploration company.
| Issuer: | Empire Petroleum Corp.
|
| Issue: | Stock
|
| Amount: | $1.45 million
|
| Shares: | 7.25 million
|
| Price: | $0.20
|
| Warrants: | For 1,812,500 shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.50
|
| Settlement date: | Sept. 15
|
| Stock symbol: | OTCBB: EMPR
|
| Stock price: | $0.20 at close Sept. 14
|
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