Empyrean Energy announced it has conditionally raised £1,500,000 (approx. $2.2 million) before expenses, through an institutional placing via its broker Astaire Securities of 25,000,000 new ordinary shares of nominal value of 0.2p each in the Company at a price of 6p per ordinary share.
Proceeds from the raising will contribute towards further development at the Riverbend, Hercules and Sugarloaf projects in Texas, USA and Eagle Oil project in California, USA and for general working capital.
The Placing has been performed under existing share allotment authorities, and the Placing Shares equate to 17% of the enlarged issued share capital of the Company following completion of the Placing.
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