Camber Energy, Inc. Borrows an Additional $2,500,000 from the Investor
April 27, 2021 at 06:04 am EDT
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As previously disclosed in the Current Report on Form 8-K of Camber Energy, Inc. (Camber) filed on December 23, 2020, on December 23, 2020, Camber borrowed $12,000,000 from an institutional investor; issued the Investor a promissory note in the principal amount of $12,000,000, accruing interest at the rate of 10% per annum and maturing December 11, 2022; and (iii) granted the Investor a first-priority security interest in Camber’s shares of Viking Energy Group, Inc. (Viking) and Camber’s other assets pursuant to a Security Agreement-Pledge and a general security agreement. On April 23, 2021, Camber borrowed an additional $2,500,000 from the Investor; issued the Investor a promissory note in the principal amount of $2,500,000 (the “Third Investor Note”), accruing interest at the rate of 10% per annum and maturing December 11, 2022; to secure payment of the Third Investor Note, the Second Investor Note, and Camber’s original $6,000,000 note issued to the Investor dated December 11, 2020 (the “First Investor Note”), granted the Investor a first-priority security interest in Camber’s shares of Viking and Camber’s other assets pursuant to a Security Agreement-Pledge and a general security agreement. The Investor may convert amounts owing under the Third Investor Note into shares of common stock of Camber at a fixed price of $1.00 per share, subject to beneficial ownership limitations.
Camber Energy, Inc. is a diversified energy company. Through its wholly owned subsidiary, Viking Energy Group, Inc., the Company provides custom energy and power solutions to commercial and industrial clients in North America, holds a license in Canada to a patented carbon-capture system, and has a majority interest in an entity with intellectual property rights to a fully developed, patented, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and entities with the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. It is also exploring other renewable energy-related opportunities and/or technologies. It owns leasehold interests in properties produced from the Cline and Wolfberry formations in Texas. It also provides combined heat and power (CHP), tier 4 final diesel and natural gas industrial engines, solar, wind and storage.