Imperial Petroleum partners with financial group

By | August 01, 2006
Imperial Petroleum Inc. has signed an engagement agreement with investment financial group Empire Financial. The group will provide a broad range of securities-related services for raising $12 million through a private placement of convertible debenture, according to a press release. With a convertible debenture, the holder can convert it into stock at a specified date in the future, according to Jeff Bishop, managing partner and editor of Beacon Equity Research, an independent research provider. The money will be used, in part, to fund the initial requirements of an Imperial Petroleum agreement with Domestic Energy Partners to market biodiesel, as well as additional growth in the biodiesel, oil and gas sectors, Bishop said.
 
 
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