Empire Petroleum Corporation Completes Fully Subscribed Rights Offering, Raising $2.5 Million in Gross Proceeds
Reuters
Aug 21
<a href="https://laohu8.com/S/EMPR">Empire Petroleum</a> Corporation Completes Fully Subscribed Rights Offering, Raising $2.5 Million in Gross Proceeds
Empire Petroleum Corporation has successfully completed its rights offering, with full subscription from its shareholders. The company, which operates in oil and gas sectors across several U.S. states, announced that the offering generated approximately $2.5 million in gross proceeds, before expenses. Additionally, it could result in another $2.5 million from the future exercise of warrants issued during the offering. Each unit in the offering was priced at $0.07367 and comprised both shares of common stock and exercisable warrants. Phil E. Mulacek, Chairman of the Board and a major shareholder, fully subscribed to his rights and oversubscription rights. The details of the offering are documented in the prospectus filed with the SEC.
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