16th Dec 2021 21:28
Empyrean Energy PLC - Australian oil & gas explorer and producer - Secures GBP7.6 million in funding through a placing of 60.4 million shares at a price of 6.0 pence per share, and a loan note agreement with a Melbourne-based lender for GBP4.0 million.
Convertible loan note has maturity date of December 16, 2022 and can be converted into shares at 8.0 pence each.
Proceeds will go towards completing the funding requirements on a dry hole basis for the drilling of the Jade prospect at the Block 29/11 permit, offshore China.
Empyrean now has 637.3 million shares issued overall.
"We are extremely pleased to successfully raise the necessary funding to complete our drill preparation activities and drill the exciting Jade Prospect in China, which remains on target to commence shortly after weather conditions allow us to complete the well site survey," says Chief Executive Officer Tom Kelly.
Current stock price: 6.41 pence, down 11%
Year-to-date change: down 5.1%
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Empyrean