Empyrean Energy PLC (LON:EME)

Empyrean Energy PLC (LON:EME)


Share Price
8.68 p
Change
0.08 (0.93 %)
Market Cap
£36.83 m
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Empyrean Energy PLC RNS Release

A £1 Million Placement


RNS Number : 5980H
Empyrean Energy PLC
16 November 2018
 

This announcement contains inside information

 

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

 

16 November 2018

 

Empyrean Energy PLC ('Empyrean' or 'the Company')

Empyrean raises £1,028,000 before costs at 10p per share

 

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has today issued 10,280,000 new ordinary shares of 0.2p each in the Company (the "Placing Shares") at a price of 10p per Placing Share (the "Placing Price") raising gross proceeds of £1,028,000 (the "Placing").

 

The Placing is being completed under the Company's existing authorities and is not subject to the approval of shareholders. Following the Placing, the Company's enlarged issued share capital will comprise 424,275,110 ordinary shares of 0.2p each (the "Shares"), 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 3.7% premium to the Volume Weighted Average Price of the Company's Shares over the twenty trading days prior to the Placing (9.6408p) and a 4.9% premium to yesterday's closing price (9.525p). The Placing Shares have been issued to new sophisticated investors and also existing shareholders, including Dr Patrick Cross, the Company's Chairman. Dr Cross has subscribed for 100,000 shares under the Placing, and now has an interest in 725,000 Shares, representing 0.17% of the Company's enlarged issued share capital.  

 

The funds raised pursuant to the Placing will be used for the Company's general working capital purposes.

 

Application has been made for the Placing Shares to be admitted to trading on AIM.  Admission is expected to take place on or about 22 November 2018. The Placing Shares will rank pari passu with existing ordinary shares.

 

Tom Kelly, Empyrean CEO, commented, "Following the announcement of the highly-encouraging independent expert review of our Chinese prospects by Gaffney Cline & Associates,  the Company felt it was a prudent time to secure further working capital to support our ongoing activities across the portfolio. The Company welcomes the support of existing shareholders, who have endorsed the Company's recent progress, along with a number of new shareholders. It was pleasing to secure these funds at a premium to recent trading levels, which we see as a sign of investor confidence in the untapped potential of our projects".

 

**ENDS**

Empyrean Energy plc

Tom Kelly                                                                                             Tel: +61 8 9380 9920

Cenkos Securities plc

Neil McDonald                                                                                    Tel: +44 (0) 131 220 9771

Beth McKiernan                                                                                  Tel: +44 (0) 131 220 9778

St Brides Partners Ltd

Lottie Wadham                                                                                    Tel: +44 (0) 20 7236 1177

Frank Buhagiar                                                                                     Tel: +44 (0) 20 7236 1177

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Patrick Cross

2.

Reason for the Notification

a)

Position/status

Chairman

b)

Initial notification/amendment

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Empyrean Energy plc

b)

LEI

-

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary Shares of 0.2p each ("Ordinary Shares")

Identification code

GB00B09G2351

b)

Nature of the Transaction

Issue of Shares

c)

Price(s) and volume(s)

Price

Volume

10p per Ordinary Share

100,000

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

16 November 2018

f)

Place of the transaction

London Stock Exchange, AIM (LON:EME)

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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