Benzinga | Dec 27, 2021 08:34AM EST

Camber Energy Receives $25M Loan to Redeem All Series C Redeemable Convertible Preferred Stock

Camber Energy, Inc. (NYSE:CEI) ("Camber" or the "Company") is pleased to announce that on December 24, 2021, it entered into a Loan Agreement pursuant to which the lender, subject to certain conditions, irrevocably agreed to loan the Company $25,000,000 on December 31, 2021 (the "Loan"). Proceeds of the Loan are to be 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 all secured loans due and payable within ninety days of the Closing; and (ii) to the extent the above items are satisfied and there are surplus proceeds available, for working capital purposes. Features of the Loan include: