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11 Sep 2020 | 08:41

Empyrean Energy raises £0.2m for general working capital

(Sharecast News) - China, Indonesia and US-focussed oil and gas development company Empyrean Energy updated the market on its £10m equity placement facility with Long State Investment on Friday, raising £0.2m for its general working capital. The AIM-traded firm said that under the terms of the facility, it agreed to issue four million new ordinary shares in the company to Long State, at a price of 5p per share, to raise £0.2m before costs.

It said the placing was being completed under its existing authorities, and was not subject to the approval of shareholders.

The placing price represented a 3% premium to the price of Empyrean's Shares as at close of business on 10 September.

Its board said the funds raised would be used for its general working capital requirements.

Empyrean also granted options to Long State over 500,000 shares in order to activate the facility.

Those options would be exercisable at 10.14p each, being 150% of the daily volume-weighted average price on the date prior to activation of the facility, and have a three-year term from the date of issue.

Application would be made for the new shares to be admitted to trading on AIM, which was expected on or about 17 September.

"While Empyrean progresses several strategic and funding alternatives, the company has taken the prudent step of accessing this funding facility to provide some additional short-term working capital, at current market prices," said chief executive officer Tom Kelly.

At 0823 BST, shares in Empyrean Energy were down 5.15% at 4.6p.
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