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(Alliance News) - Empyrean Energy PLC said Friday it has raised around GBP840,500 through a placing of shares and as part of an equity placement facility with Long State Investment Ltd.
Under the facility's terms, the oil & gas firm issued 4.0 million shares to Long State at a price of 5 pence per share, raising GBP200,000 in total.
In addition, Empyrean has issued 14.2 million shares at a price of 4.5p each, raising GBP640,500 which will go towards meeting any project payment requirements on the company's portfolio of assets, as well as working capital requirements.
In December, Empyrean agreed to a GBP10 million equity placement facility with Long State, a Hong-Kong-based investment firm.
The facility provides Empyrean with a flexible funding facility, it said, and enables it to access capital to fund its ongoing working capital. The timing of drawdown and the minimum issue price of any placement shares are entirely at its discretion.
"Together with the placement to Long State, this placing provides the necessary working capital and time for Empyrean to progress several strategic project and funding alternatives and position itself in preparation for the advancement of its project portfolio in the near term," said Chief Executive Officer Tom Kelly.
Empyrean Energy now has 489.4 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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