Benzinga | Jul 14, 2021 08:34AM EDT

Camber Energy Announces Closing Of $15M Investment From An Institutional Investor; Separately, Cp. Extends Maturity Date Of Existing Promissory Notes From Dec. 2022 To Jan. 2024

Camber Energy, Inc. (NYSE: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.