Imperial Petroleum Inc. - 2011-09-23
Description
The company has entered into definitive agreements with accredited and institutional investors to raise an aggregate of $3.1 million before fees and expenses in a private placement of equity securities.
Under the terms of the agreements, the company will issue 4,143,335 shares of its common stock at $0.75 per share and warrants to purchase up to 2,071,668 shares of its common stock with a $1.00 per share exercise price, subject to adjustment therein, and a term of 5 years.
Rodman & Renshaw LLC, a subsidiary of Rodman & Renshaw Capital Group Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the transaction.