Empyrean Energy PLC Update on Fundraising (0438K)
2020年4月17日 - 6:57PM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 0438K
Empyrean Energy PLC
17 April 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION (AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014) FOR
IMMEDIATE RELEASE.
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Update on Fundraising
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
development company with interests in China, Indonesia and the
United States, announced on 14 April 2020 that it had raised
GBP410,950 through a direct subscription (the "Subscription") by a
number of existing investors and directors of the Company for a
total of 11,741,429 new ordinary shares of 0.2p each (the
"Subscription Shares") at 3.5p per share (the "Issue Price")
alongside a proposed placing to raise up to a further GBP1 million
(the "Placing").
The Company confirms that, due to continued volatility in global
commodities markets and the effect of a further decline in the
price of oil over recent days, it has elected not to proceed with
the Placing at this time. However, the Company has received
indications of interest from a number of potential investors and
confirms that it plans to launch an open offer to enable all
qualifying existing shareholders to subscribe for shares in the
Company at the Issue Price, further details of which will be
announced in the coming days.
As previously announced, the Company expects that the net
proceeds of the Subscription will be sufficient to satisfy its
share of final costs in relation to the recent drilling in Q4 2019,
including post drilling resource updates, and to provide sufficient
working capital through to the end of May 2020. The net proceeds of
the open offer will provide the Company with additional working
capital and ensure greater financial flexibility as the Company
seeks to capitalise on and realise a portion of the significant
value created in its diverse asset base. The Company also has
access to financing for its ongoing working capital requirements
through the GBP10m equity placement facility entered into with Long
State Investments, the details of which were announced on 24
December 2019.
Accordingly, a total of 11,741,429 Subscription Shares will be
issued pursuant to the Subscription. Application has been made to
the London Stock Exchange for the Subscription Shares to be
admitted to trading on AIM. It is expected that admission to
trading ("Admission") will become effective and that dealings in
the Subscription Shares will commence on AIM at 8.00 a.m. on 21
April 2020.
The Subscription Shares will be issued and credited as fully
paid and will rank in full for all dividends and other
distributions declared, made or paid after the admission of those
Ordinary Shares and will otherwise rank on Admission pari passu in
all respects with each other and with the existing Ordinary Shares
in the Company.
The total issued share capital of the Company immediately
following Admission will be 459,339,006 Ordinary Shares.
Empyrean CEO Tom Kelly stated:
"Whilst the decision has been made not to proceed with the
proposed placing at this time, a number of existing shareholders
indicated that they would like to have the opportunity to
participate and the Company plans to accommodate all shareholders
through an open offer and to continue to work with potential new
investors ."
For further information please contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 8 9380 9920
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
St Brides Partners Ltd
Priit Piip Tel: +44 (0) 20 7236 1177
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 17, 2020 05:57 ET (09:57 GMT)
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