Camber Energy (NYSEAMERICAN:CEI) stock is heading higher on Wednesday following two announcements from the oil and natural gas company.
Starting off, Camber Energy has announced a massive investment from an institutional investor. This comes in the form of a $15,000,000 equity transaction. The company doesn’t reveal who the investor is.
According to the press release, Camber Energy will be using the funds for a variety of purposes. That includes using it as working capital, fueling new acquisitions made by it or its majority-owned subsidiary, as well as for other purposes.
To go along with this news, Camber Energy also announced another transaction. This sees it extending the maturity date of existing promissory notes from December 11, 2022 to January 1, 2024.
In addition to that, Camber Energy is introducing a conversion feature in each of the promissory notes. This allows holders to convert all, or a portion, of the principal amount to shares of CEI stock. These have a fixed conversion price of $1.25 per share.
James Doris, president and CEO of Camber Energy, said the following about the news lighting CEI stock up today.
“These transactions serve as significant catalysts for advancing Camber’s growth initiatives. The $15M commitment by the institutional investor is encouraging and seemingly reflective of the confidence in Camber and our operations both short and long term. We are excited about the Company’s future and remain focused on forging a path toward profitability and increasing shareholder value.”
CEI stock is also seeing heavy trading thanks to today’s news. As of this writing, more than 60 million shares of the stock have changed hands. That’s a massive jump from its daily average trading volume of 9 million shares.
CEI stock was up 14.1% as of noon Wednesday.
There’s a wide variety of stock market news that investors will want to keep an eye on today.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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