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UNITED ENERGY ANNOUNCES SECURED FINANCING OF UP TO $5 MILLION
UNITED ENERGY ANNOUNCES SECURED FINANCING OF UP TO $5 MILLION.
About this update from United Energy Corp.
[{"type":"text","content":"\n\n\n\nUNITED ENERGY ANNOUNCES SECURED FINANCING OF UP TO $5 MILLION\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\nUNITED ENERGY ANNOUNCES SECURED FINANCING OF UP TO $5 MILLION\nPR Newswire\nPLANO, Texas, Oct. 26, 2022\n\n\n\nPLANO, Texas, Oct. 26, 2022 /PRNewswire/ -- United Energy (OTCMKTS: UNRG)\n\n \n \n \n \n \n \n\n \nUnited Energy Corporation today announces it entered into a securities purchase agreement and convertible debt financing of up to $5 million. This funding completes UNRG's Stage 1 financing plan for the development of UNRG's Cherokee Basin oil and gas assets and related projects. UNRG is a diversified oil and gas producer with a 50-year history in the energy, manufacturing, and mining industries.\nUNRG today announces it entered into a securities purchase agreement and convertible debt financing of up to $5 million.The secured financing of up to $5 million is through a Senior Secured Convertible Note. If elected, the Note is convertible into UNRG's Common Stock at a conversion price of $0.10/share. It can be issued in tranches (designed for diverse investors at various risk and reward levels). It will be a senior secured obligation of United Energy and will accrue interest at a rate equal to the Prime Rate plus 9.0% per annum, with a minimum rate of 15% per annum payable monthly. The securities purchase agreement also includes two series of warrants exercisable at $0.20 and $0.30 a share.\nThe investment is provided by a family office investment fund. Family offices are investment funds that manage the financial assets of a family or group of families or trusts. They operate in a similar manner to standard investment funds but with more flexibility toward the objective of their principals.\nPaulson Investment Company, LLC, a highly esteemed investment banking firm with nearly 50 years of operations, facilitated the institutional investor interest in United Energy. Paulson specializes in public offerings of small and emerging growth companies with capital needs of $5 to $45 million.\nBrian Guinn, CEO and President of UNRG, said, \"We ...