Universal Energy Closes $1.743 Million Financing Deal
Universal Energy has completed the sale of $1.743 million principal amount of unsecured convertible debentures. The issuance of the debentures generated net proceeds of approximately $1.26 million. The Company will use the proceeds of the offering towards production costs including those costs associated with the recently successful drilling efforts at the company's Lake Campo and Caviar # 4 prospects.
Investment banking services were provided by the San Francisco office of Empire Financial Holdings.
Dyron M. Watford, Chairman and CFO of Universal Energy Corp. remarked, "This financing provides us the additional capital we need to complete the production and tie-in of our first four successfully drilled prospects. We believe that the financing represents a continued recognition of the execution on our business plan."
Additional details regarding the financing will be included in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.
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