Empyrean raises £700k through share placing

13th Feb 2024 08:05

(Sharecast News) - Oil and gas development company Empyrean has raised £700,000 through a placing of 280.0m new ordinary shares at a price of 0.25p each.

Empyrean said on Tuesday that funds raised from the placing will be used for ongoing prospect, licensing fees, and permit costs at its Block 29/11 asset in China, for ongoing costs associated with advancing its Mako Gas Field project toward production, and for general working capital requirements.

The AIM-listed group noted that the issue price represented a 20.6% discount to the stock's closing on 12 February and a 27.1% discount to the volume-weighted average price for the ten days prior to 12 February.

Of the total raised under the placing, chief executive Tom Kelly subscribed for 12.0m placing shares and technical director Gaz Bisht subscribed for a further 8.0m.

As of 1030 GMT, Empyrean shares had surged 17.87% to 0.37p.

Reporting by Iain Gilbert at Sharecast.com