Business
Empire Diversified Energy Inc. Closes its $26 million dollar funding offering to enhance its corporate acquisition/expansion plan.
Empire Diversified Energy Inc. Closes its $26 million dollar funding offering to enhance its corporate acquisition/expansion plan..
About this update from Empire Diversified Energy, Inc.
[{"type":"text","content":"\n\n\n\nEmpire Diversified Energy Inc. Closes its $26 million dollar funding offering to enhance its corporate acquisition/expansion plan.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEmpire Diversified Energy Inc. Closes its $26 million dollar funding offering to enhance its corporate acquisition/expansion plan.\nPR Newswire\nFORT LAUDERDALE, Fla., Dec. 16, 2020\n\n\n\nFORT LAUDERDALE, Fla., Dec. 16, 2020 /PRNewswire/ -- Empire Diversified Energy, Inc. (OTCQB:MPIR) offered additional details today regarding the recent closing of its $26 million funding, and the asset acquisition and expansion that has already begun as a result.  As noted in its release of 12/2/2020, Empire's funding resulted from the issuance by the West Virginia Economic Development Authority of tax-exempt Dock and Wharf Revenue Bonds.  The bond issuance, underwritten by Citigroup, was purchased primarily by Principal Street Partners and Nuveen Investments. This funding will enable Empire Trimodal Terminal, LLC, a new wholly owned subsidiary of MPIR, to acquire, expand and diversify the existing Facilities and operations at the Site. \nThe Facilities have historically been owned by Mr. Scott Ewusiak and operated under the name of Trimodal Terminal. Mr. Ewusiak will continue with his immediate focus being the expansion of the facilities which are located in Follansbee, West Virginia and sit on the east bank of the Ohio River, 40 miles west of the Port of Pittsburgh (the \"Site\").\nThe Site is a permitted barge facility authorized by the U.S. Army Corps of Engineers.  The expanded operation will increase the number and type of materials to be provided to a larger number of industrial customers. Additional dock and wharf capacity will now allow the company to expand its loading and unloading of materials as well as provide a staging area for up to 45 barges along the 5,000 feet of Ohio river frontage at the Site. \nThe Site is readily accessed  by rail and served by Norfolk Southern Railway. At present, the facilities also offer rail spurs available for transloading as well as...