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4 Jun 2009 07:00
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4thΒ June 2009
Empyrean Energy PLC
('Empyrean'Β or theΒ 'Company',Β (EME))
Further placing to raise Β£724,000
Empyrean Energy PlcΒ is pleased to announceΒ it has raisedΒ Β£724,000Β before expenses,Β throughΒ an institutionalΒ placingΒ via its broker Blue Oar Securities Plc ("Blue Oar") ofΒ 12,066,667Β newΒ ordinary shares of 0.2pΒ eachΒ inΒ the Company ('Ordinary Shares') (together the 'Placing Shares')Β at a price ofΒ 6p per Placing Share (the 'Placing').Β The Placing comprised Β£700,000 raised from institutional investors and a further Β£24,000 from an existing overseas institutional shareholder.
Proceeds from the raisingΒ willΒ be usedΒ for working capital and for the further development ofΒ the Riverbend Project in Texas.
The Placing has been performed under existing shareΒ allotmentΒ authorities, and the Placing Shares equate toΒ 9.9% of the enlarged issued share capitalΒ of the CompanyΒ following completion of the Placing.
The Placing Shares will rank pari passu in all respects with the existing Ordinary SharesΒ on issue. Following admissionΒ toΒ trading on AIM,Β Empyrean'sΒ total issued and voting share capital will compriseΒ 121,824,460Β Ordinary Shares.Β 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 theΒ Company.
ApplicationΒ has beenΒ made for the Placing Shares to be admitted to tradingΒ on AIM and it is expected thatΒ admission will take place onΒ 18Β JuneΒ 2009.
Commenting today, Executive Director Tom Kelly said:Β "The additional institutional demand and placing hasΒ allowed Empyrean toΒ betterΒ prepare for a second well at the Riverbend Project, following the completion and testing of the Quinn 3-H well.Β This substantially reduces the overall risk on the Riverbend Project for Empyrean."
Contact:
Tom Kelly Empyrean Energy Plc Tel:Β +618 93216988
Nominated AdviserΒ and Broker:
Jerry Keen Blue Oar Securities Plc Tel:Β +44 (0)Β 20 7448 4400Β
Shane Gallwey Blue Oar Securities Plc Tel: +44 (0) 20 7448 4400
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