Empire Petroleum (EP) has released an update.
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Empire Petroleum Corporation has issued a $5 million promissory note to Energy Evolution Master Fund, Ltd., with an initial $2.5 million already advanced. The note, intended to support the company’s oil and gas drilling operations and provide working capital, bears a 7% interest rate, maturing on February 15, 2026, with the possibility of a post-maturity interest increase to 9%. Energy Evolution has the option to receive interest payments in cash or company stock and can convert outstanding principal into shares at a set price, with the potential to convert the full principal into 800,000 shares. The note can be prepaid without penalties, with the company obligated to notify Energy Evolution in advance.
For further insights into EP stock, check out TipRanks’ Stock Analysis page.
