Placing to raise £350,000

RNS Number : 1893P

Empyrean Energy PLC

20 March 2009

 



20 March 2009

Empyrean Energy PLC

('Empyrean' or the 'Company', (EME))

Placing to raise £350,000

Further to the announcement on 19 March 2009 and in response to additional institutional demand, Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, announces an additional issue of equity.  

The Company has conditionally raised a further GBP350,000 before expenses, through an institutional placing via its broker Blue Oar Securities Plc ('Blue Oar') of 11,666,666 new ordinary shares of nominal value of 0.2p each in the Company ('Ordinary Shares') (together the 'Additional 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. The Additional Placing Shares equate to 13.73% of the enlarged issued share capital of the Company following completion of the Placing, as enlarged by the placing announced on 19 March 2009.  

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 84,992,458  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.

Empyrean Energy Plc
Tom Kelly	Tel: [phone]
Nominated Adviser and Broker: Blue Oar Securities plc
Olly Cairns	Tel: [phone]
Nick Lovering	Tel: [phone]
Jerry Keen	Tel: [phone]
Public Relations: Conduit PR
Jonathan Charles	Tel: [phone]
Fiona Hyland	Tel: [phone]

 

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