EMPIRE PETROLEUM CORP (EP): debt financing — Empire Petroleum issues $5M promissory note to Energy Evolution Master Fund at 7% interest

EMPIRE PETROLEUM CORP

Note principal $5M; $2.5M funded immediately; up to additional $2.5M available over three months.
Interest 7% p.a. (9% post-maturity); conversion price $6.25/share, yielding up to 800k shares.
Matures Feb 15, 2026; proceeds for drilling program and working capital.
Interest payments at Energy Evolution's option in cash or common stock.
Note issued as unregistered security under Section 4(a)(2) exemption.

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 incurred loan of $5,000,000 with Energy Evolution Master Fund, Ltd. at 7% per annum maturing February 15, 2026.

Instrument: loan
Principal: $5,000,000
Counterparty: Energy Evolution Master Fund, Ltd.
Rate: 7% per annum
Maturity: February 15, 2026
Event: incurrence

Exact text from the filing

On February 16, 2024, Empire Petroleum Corporation (the “Company”) issued that certain Promissory Note in the aggregate principal amount of $5,000,000 (the “Note”) to Energy Evolution Master Fund, Ltd.

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

EMPIRE PETROLEUM CORP entered into Promissory Note with Energy Evolution Master Fund, Ltd. valued at $5,000,000 (effective 2024-02-16).

Action: entry
Agreement: notes offering
Counterparty: Energy Evolution Master Fund, Ltd.
Value: $5,000,000
Effective: 2024-02-16

Exact text from the filing

On February 16, 2024, Empire Petroleum Corporation (the “Company”) issued that certain Promissory Note in the aggregate principal amount of $5,000,000 (the “Note”) to Energy Evolution Master Fund, Ltd., a Cayman Islands exempted company (“Energy Evolution”).

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

EMPIRE PETROLEUM CORP filing history →

Source: SEC EDGAR

accession 0001072613-24-000261

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