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Empyrean Energy completes GBP 640,500 placement

11 Sep 2020

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Empyrean Energy, the oil and gas development company with interests in China, Indonesia and the United States, has placed 14,233,334 new ordinary shares in the Company at a price of 4.5p per New Ordinary Share to raise £640,500 (before costs). Subscribers to the Placing will also receive 1 warrant exercisable at 9p each for every New Ordinary Share. The Warrants have a 2 year term from the date of issue. The Placing is being completed under the Company's existing authorities and is not subject to the approval of shareholders.

Following the Placing, and the issue of shares to Long State Investment Limited as detailed in the earlier announcement today, the Company's enlarged issued share capital will comprise 489,430,615 ordinary shares of 0.2p each, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Placing Price represents a 7.2% discount to the price of the Company's Shares as at close of business on 10 September 2020 (4.85p).

Of the total raised under the Placing, Empyrean placed 12,333,334 New Ordinary Shares through First Equity Limited, who acted as lead broker to the raising, 1,500,000 New Ordinary Shares to an existing shareholder and 400,000 New Ordinary Shares to non-executive director of the Company, John (Spencer) Laycock.

Following his participation in the Placing, John (Spencer) Laycock has an interest in 3,600,000 Shares, representing 0.74% of the enlarged issued share capital of the Company.

Total funds raised under this Placing and the placing to Long State are £840,500 (before costs). These funds will be used to meet any project payment requirements on the Company's portfolio of assets and for its general working capital requirements.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM.  Admission is expected to take place on 25 September 2020. The New Ordinary Shares will rank pari passu with existing Shares in issue.

Tom Kelly, CEO of Empyrean, commented on the Placing:

'Together with the placement to Long State, this placing provides the necessary working capital and time for Empyrean to progress several strategic project and funding alternatives and position itself in preparation for the advancement of its project portfolio in the near term.'

See also: Empyrean completes £200,000 placement with Long State Investment Ltd

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Source: Empyrean Energy

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