(Alliance News) - Empyrean Energy PLC said it received valid application for 20% of the shares available in its most recent open offer, raising GBP397,540.
Empyrean said it received acceptances for 11.4 million of the 57.4 million shares included in its open offer, raising only a fraction of its GBP2.0 million maximum. The placing was priced at 3.5 pence per share on the basis of 1 new share for every 8 existing shares.
Separately, Empyrean issued 500,000 new shares through a direct subscription which raised another GBP17,500 such that gross proceeds amounted to GBP415,040.
This means that, together with a subscription announced April 14, the firm has raised around GBP825,990 in recent weeks.
John Laycock, a director at Empyrean, subscribed for 400,000 shares under the open offer, taking his interest to 3.2 million shares of 0.7% of enlarged share capital.
Chief Executive Tom Kelly said: "We are pleased that the subscription and open offer has raised funds at the higher end of our expectations, particularly given the unique challenges currently being experienced in equity markets as a result of Covid-19, and the current oil market volatility. I would like to thank our existing shareholders for their support of these capital raising initiatives and we look forward to updating shareholders on the progress of operations in the near future."
Empyrean's shares closed 4.3% higher at 3.65 pence in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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Empyrean (EME)