Empyrean Energy PLC (AIM:EME) told investors it has successfully completed a placing to raise £700,000 before costs.
The proceeds support the company as it is expected to cover ongoing licensing fees and permit costs as the explorer’s projects, including the Mako gas field in Indonesia and its exploration acreage offshore China.
It has issued 280 million new shares, priced at 0.25p each. The participating investors, which included directors of the company, also receive one warrant for every two shares they received (with the warrants exercisable at 0.5p). The placing was arranged by broker Novum Securities.
Empyrean is meanwhile awaiting the finalisation of a gas sales agreement for the Mako gas field.
“Empyrean would like to thank existing and new shareholders for their support as we look forward to the finalisation of the GSA with Sembcorp, a major milestone for the Mako project,” chief executive Tom Kelly said in a statement.
“Whilst this has taken longer than anyone envisaged, we are delighted with the improved pricing formula for gas sales which should have positive implications for the Duyung PSC/ Mako sell-down efforts."
Empyrean also today announced salary sacrifice arrangements involving shares issued to its directors, aimed at conserving cash while progressing its project activities.