EMPIRE PETROLEUM CORP (EP): debt financing — Empire extends $10M bridge loans to Dec 2024; interest payable in common stock

EMPIRE PETROLEUM CORP

Maturity of $5M loans from Phil Mulacek and Energy Evolution Master Fund extended from Nov 9, 2023 to Dec 31, 2024.
Interest at 7% (9% post-maturity) will be paid in shares of Empire common stock on scheduled dates unless default occurs.
If Senior Secured Revolver is terminated, Empire North Dakota cannot incur secured debt without investor consent.
Loans are junior to existing Senior Secured Revolver with CrossFirst Bank but senior to future unsecured debt.
Interest shares priced using 5-day VWAP of EP common stock preceding each interest payment date.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EMPIRE PETROLEUM CORP amended loan with Phil Mulacek and Energy Evolution Master Fund, Ltd. maturing December 31, 2024.

Instrument: loan
Counterparty: Phil Mulacek and Energy Evolution Master Fund, Ltd.
Maturity: December 31, 2024
Event: amendment

Exact text from the filing

On November 9, 2023, the Investors amended and restated the Bridge Loans with Empire North Dakota (collectively, the “Amended and Restated Bridge Loans”) for the purpose of, among other things: (a) extending the maturity date of the Bridge Loans from November 9, 2023 to December 31, 2024;

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EMPIRE PETROLEUM CORP amended Amended and Restated Bridge Loans with Phil Mulacek; Energy Evolution Master Fund, Ltd. valued at $5.0 million (effective 2023-11-09).

Action: amendment
Agreement: credit facility
Counterparty: Phil Mulacek; Energy Evolution Master Fund, Ltd.
Value: $5.0 million
Effective: 2023-11-09

Exact text from the filing

On November 9, 2023, the Investors amended and restated the Bridge Loans with Empire North Dakota (collectively, the “Amended and Restated Bridge Loans”)

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7 debt financings filed in the last 30 days. Browse all debt financings →

EMPIRE PETROLEUM CORP filing history →

Source: SEC EDGAR

accession 0001072613-23-000568

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