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LONDON - Empyrean Energy Plc, an oil and gas development company with interests in Australia, Indonesia, and the United States, announced on Monday that it has successfully raised £600,000 through a new share issuance. The funds are earmarked for testing a potential oil zone in the Wilson River-1 well and for general working capital purposes.
The fundraising involved the placement of 666,666,667 new ordinary shares at an issue price of 0.09p per share. CMC Markets (LON:CMCX) Plc, operating under the name CMC CapX, acted as the placing agent for the transaction. In addition to the placement, a retail offer on the same terms was set to commence immediately following the announcement, with applications expected to close within three days.
The placement is contingent upon the new shares being admitted to trading on the AIM market of the London Stock Exchange (LON:LSEG), with admission anticipated to occur on or around May 2, 2024. Upon completion, Empyrean’s total issued share capital will consist of 4,401,759,108 new ordinary shares.
Tom Kelly, CEO of Empyrean, expressed enthusiasm for the upcoming testing of the Wilson River-1 well’s potential oil zone. This development could potentially enhance the company’s asset portfolio and provide momentum for its operational activities.
The announcement, which contains inside information according to UK regulations, is based on a press release statement and marks a significant step in Empyrean’s strategy to advance its exploration and development projects. The company’s share capital information post-fundraising will be relevant for shareholders’ regulatory notifications concerning their holdings.
The London Stock Exchange’s news service, RNS, provided the information for this announcement. The details of the retail offer are expected to be disclosed separately.
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