Emperor Energy Ltd (ASX:EMP) has completed its $1.5 million capital raise with all funds now received.
Emperor issued 35.3 million new fully paid ordinary shares at an issue price of $0.0425 (4.25 cents) per new share.
The issue price of 4.25 cents per ordinary share represents a discount of 15% to the company’s 5-day VWAP of 5 cents, and a 15% discount to the last traded price of 5 cents.
Through the raise, Emperor was able to settle creditors via the allocation of 2.84 million new fully paid ordinary shares at an issues price of $0.0425 (4.25 cents) per share to a total value of $120,700.
Funds will be used to further exploration activities in its upstream and downstream assets in Australia.
Read: Emperor Energy raises $1.5 million for exploration activities with placement