Last checked at 16 Nov 2018 08:11
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas
16 November 2018
Empyrean Energy PLC ('Empyrean' or 'the Company')
Empyrean raises £1,028,000 before costs at 10p per share
Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has today issued 10,280,000 new ordinary shares of 0.2p each in the Company (the "Placing Shares") at a price of 10p per Placing Share (the "Placing Price") raising gross proceeds of £1,028,000 (the "Placing").
The Placing is being completed under the Company's existing authorities and is not subject to the approval of shareholders. Following the Placing, the Company's enlarged issued share capital will comprise 424,275,110 ordinary shares of 0.2p each (the "Shares"), each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
The Placing Price represents a 3.7% premium to the Volume Weighted Average Price of the Company's Shares over the twenty trading days prior to the Placing (9.6408p) and a 4.9% premium to yesterday's closing price (9.525p). The Placing Shares have been issued to new sophisticated investors and also existing shareholders, including Dr Patrick Cross, the Company's Chairman. Dr Cross has subscribed for 100,000 shares under the Placing, and now has an interest in 725,000 Shares, representing 0.17% of the Company's enlarged issued share capital.
The funds raised pursuant to the Placing will be used for the Company's general working capital purposes.
Application has been made for the Placing Shares to be admitted to trading on AIM. Admission is expected to take place on or about 22 November 2018. The Placing Shares will rank pari passu with existing ordinary shares.
Tom Kelly, Empyrean CEO, commented, "Following the announcement of the highly-encouraging independent expert review of our Chinese prospects by Gaffney Cline & Associates, the Company felt it was a prudent time to secure further working capital to support our ongoing activities across the portfolio. The Company welcomes the support of existing shareholders, who have endorsed the Company's recent progress, along with a number of new shareholders. It was pleasing to secure these funds at a premium to recent trading levels, which we see as a sign of investor confidence in the untapped potential of our projects".
**ENDS**
Empyrean Energy plc
Tom Kelly Tel: +61 8 9380 9920
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Beth McKiernan Tel: +44 (0) 131 220 9778
St Brides Partners Ltd
Lottie Wadham Tel: +44 (0) 20 7236 1177
Frank Buhagiar Tel: +44 (0) 20 7236 1177
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Patrick Cross | |
2. | Reason for the Notification | ||
a) | Position/status | Chairman | |
b) | Initial notification/amendment | Initial notification | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Empyrean Energy plc | |
b) | LEI | - | |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted | ||
a) | Description of the Financial instrument, type of instrument | Ordinary Shares of 0.2p each ("Ordinary Shares") | |
Identification code | GB00B09G2351 | ||
b) | Nature of the Transaction | Issue of Shares | |
c) | Price(s) and volume(s) | Price | Volume |
10p per Ordinary Share | 100,000 | ||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | |
e) | Date of the transaction | 16 November 2018 | |
f) | Place of the transaction | London Stock Exchange, AIM (LON:EME) | |