Emperor Energy Ltd (ASX:EMP) has completed a $1.5 million share placement, issuing 35.3 million new fully paid ordinary shares at $0.0425 per share.
This placement was led by 180 Markets, attracting strong demand from existing shareholders who qualify as sophisticated or professional investors.
Emperor also intends to settle creditors via the allocation of 2.24 million new fully paid ordinary shares at an issue price of $0.0425 per share to a total value of $95,200.
The issue price of 4.25 cents per ordinary share represents a discount of 15% to the company’s 5-day volume-weighted average price (VWAP) of 5 cents, and a 15% discount to the last traded price of 5 cents. New shares will be issued on or around February 8, 2022.
Funds will be used to further exploration activities on the company’s properties.
About Emperor Energy
Emperor Energy is a diversified energy company with upstream and downstream assets in Australia.
The company’s flagship 100%-owned Judith Gas Field is within the VIC/P47 Permit in the offshore Gippsland Basin, Victoria, and is next to the BHP/ExxonMobil Kipper field.
Completion of pre-front end engineering design (pre-FEED) for the provision of midstream infrastructure and services related to gas to be produced from Judith Gas Field has provided a clear understanding of the project design, management, time frame and costs involved in bringing the gas from Judith into the lucrative East Coast gas market.