Camber Energy, Inc. announced a stock purchase agreement to issue 1,575 redeemable convertible series C preferred shares of face value of $10,000 with a 5% discount for gross proceeds of $15,000,000 on July 9, 2021. The shares carry rate of dividend of 24.95% per annum payable upon redemption, conversion, or maturity. The shares ranks senior to common shares. The shares are convertible into common shares of the company. If the preferred shares are not fully convertible into common shares prior to such date, the company may redeem the on such date by repaying the investor in cash 100% of the face value plus an amount equal to any accrued but unpaid dividends thereon. The shares are issued pursuant to rule 506 of Regulation D.