19th Mar 2009 07:00
19 March 2009
Empyrean Energy PLC
('Empyrean' or the 'Company', (EME))
Placing to raise £300,000
Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, announces it has conditionally raised £300,000 before expenses, through an institutional placing via its broker Blue Oar Securities Plc ("Blue Oar") of 10,000,000 new ordinary shares of nominal value of 0.2p each in the Company ('Ordinary Shares') (together the 'Placing Shares') at a price of 3p per Placing Share (the 'Placing').
Proceeds from the raising will contribute towards further development at the Sugarloaf project in Texas, USA and for general working capital.
The Placing has been performed under existing share allotment authorities, and the Placing Shares equate to 13.63% of the enlarged issued share capital of the Company following completion of the Placing.
Following admission to trading on AIM of the Placing Shares, which will rank pari passu in all respects with the existing Ordinary Shares in issue, Empyreans' total issued and voting share capital will comprise 73,325,792 Ordinary Shares. 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.
Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that admission will take place on 2 April 2009. Completion of the Placing is conditional, amongst other things, on such admission becoming effective.
For further information visit www.empyreanenergy.com or contact:
Tom Kelly Empyrean Energy Plc Tel: +61 (0)8 9321 6988
Nominated Adviser and Broker:
Corporate Broking
Jerry Keen Blue Oar Securities Plc Tel: +44 (0) 20 7448 4492
Nominated Adviser
Olly Cairns Blue Oar Securities Plc Tel: +61 (0) 8 6430 1631
Nick Lovering Blue Oar Securities Plc Tel: +44 (0) 20 7448 4400
Public Relations:
Jonathan Charles Conduit PR Tel: +44 (0) 207 429 6611
Fiona Hyland Conduit PR Tel: +44 (0) 7791 892 509
Related Shares:
Empyrean