Deal sells 1.08 million shares, two-year warrants to seven investors
By Devika Patel
Knoxville, Tenn., March 3 – Empire Petroleum Corp. completed a $135,000 private placement of stock with seven investors between Feb. 12 and Feb. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1.08 million common shares at $0.125 apiece. The price per share is a 26.47% discount to the Feb. 11 closing share price of $0.17.
The investors also received warrants for 540,000 shares, which expire on Feb. 28, 2017. The warrants are exercisable at $0.25, a 47.06% premium to the Feb. 11 closing share price.
Empire, based in Lakewood, Colo., is an oil and natural gas exploration company.
| Issuer: | Empire Petroleum Corp.
|
| Issue: | Common stock
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| Amount: | $135,000
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| Shares: | 1.08 million
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| Price: | $0.125
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| Warrants: | For 540,000 shares
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| Warrant expiration: | Feb. 28, 2017
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| Warrant strike price: | $0.25
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| Settlement date: | Between Feb. 12 and Feb. 24
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| Stock symbol: | OTCBB: EMPR
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| Stock price: | $0.17 at close Feb. 11
|
| Market capitalization: | $1.98 million
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