Business
Capital raising, Debt Restructure & Company Update
Capital raising, Debt Restructure & Company Update.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n\nThis announcement contains inside information\n \nEmpyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n \nEmpyrean Energy plc\n \nCapital raising, Debt Restructure and Company Update\n \n30 May 2023\n \nEmpyrean Energy plc (\"Empyrean\" or the \"Company\"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce a successful capital raise and debt restructuring as well as an update on future activities at the Mako Gas Field at the Duyung PSC (Empyrean 8.5%) (\"Mako\") and the Topaz prospect at its Block 29/11 permit (Empyrean 100%), offshore China (\"Topaz\").\n \nHIGHLIGHTS\n \n· £1.52 million raised at a price of 0.8p\n· Placement oversubscribed\n· Mako Gas Sales Agreement binding terms expected late Q2 and sell down news expected early Q3\n· Joint regional oil migration study with CNOOC team to be completed\n· 3D seismic inversion project to discriminate light oil from water to commence at Topaz with a specialist seismic consultancy with expertise in seismic inversion\n· Convertible Note debt restructure to reduce face value of the Convertible Note and secure extended moratorium on interest\n· Management participation in the capital raising and agreement to sacrifice one-third of salary for new equity to minimise cash burn ahead of key developments\n \nEmpyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company (\"CNOOC\"), may assume a 51% participating interest in the development and production phase.\n \nCapital Raising\n \nEmpyrean is pleased to advise that it has entered into binding subscription agreements to issue 189,753,783 new Ordinary Shares of 0.2p each in the Company (the \"New Ordinary Shares\") at a price of 0.8p per New Ordinary Share (the \"Issue Price\"), raising £1,518,030 (before costs) (the \"Subscription\").\n \nThe Issue Price represents a 22.3% discount to the price of the Company's ordinary shares of 0.2p each (the \"Shares\"...