Benzinga | Jan 4, 2022 08:35AM EST

Camber Energy Reports Closed $25M Previously-Disclosed Transaction With Institutional Investor; Extinguishes 40+% Of Series C Convertible Preferred Stock

Extinguishes Over 40% of Series C Convertible Pref. Stock

HOUSTON, TX / ACCESSWIRE / January 4, 2022 / Camber Energy, Inc. (NYSE:CEI) ("Camber" or the "Company") is pleased to announce it closed the $25 million loan transaction previously disclosed by the Company in its Current Report filed on Form 8-K with the Securities and Exchange Commission on December 27, 2021.

Proceeds of the Loan were 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 a secured loan otherwise due on March 8, 2022; and (ii) for working capital purposes. Features of the Loan include:

* Maturity Date: January 1, 2027

* Interest Rate: Wall Street Journal Prime Rate, with interest payable at maturity

* Conversion: convertible into common shares of the Company at $1.50 per share[1]

Additional details regarding the transaction were included in Camber's Current Reports on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 27, 2021 and January 4, 2022, and are available under "investors" - "SEC filings" at www.camber.energy