Empire Petroleum Corporation announced a private placement with the principal amount of $5 million on February 16, 2024. The transaction will include participation from Energy Evolution Master Fund, Ltd. The company has issued non-convertible promissory note in the transaction. The note carries a 7% interest rate per annum. The note will mature on February 15, 2026.
On the same date, the lender has paid $2.5 million to the company.