Empire Petroleum Corporation announced the extension of the expiration date of its subscription rights offering.
The Rights Offering aims to raise gross proceeds of up to approximately $5.0 million, including $2.5 million from warrant exercises.
Holders of Empire Petroleum's common stock are granted subscription rights to purchase units at a subscription price of $0.07367 per unit.
Extended Rights Offering
The Rights Offering expiration date extended to allow stockholders more time for participation.
Subscription Rights Details
Each subscription right entitles the holder to purchase one unit at a subscription price of $0.07367 per unit.
Over-Subscription Rights
Holders fully exercising their subscription rights are entitled to over-subscribe for additional units, subject to proration.
Chairman's Participation
Phil E. Mulacek, Chairman of the Board, plans to participate in the Rights Offering and exercise his over-subscription rights.
- The extension provides stockholders with additional time to submit documentation and arrange finances for the Rights Offering.
- Chairman Mulacek's commitment to participate in the offering demonstrates confidence in the Company's future prospects.
Empire Petroleum's extended Rights Offering signifies the Company's dedication to garnering financial support from its stakeholders and advancing its operations in the oil and gas sector.