Empire Petroleum (EP) has provided an announcement.
Empire Petroleum Corporation has issued a Promissory Note to Energy Evolution, amounting to $5 million with a 7% interest rate per annum, due in 2026. Energy Evolution, which had already advanced the full amount under the Note, chose to convert the principal into 800,000 common stock shares at $6.25 per share. Additionally, they received a Warrant to purchase more shares, signaling a significant investment move and showcasing their sophisticated understanding of the financial risks and opportunities involved.
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