Business
Placing of £816,000, Farm-in
Placing of £816,000, Farm-in.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n RNS Number : 1044T Empyrean Energy PLC 01 June 2009 \n \n1st June 2009\nEmpyrean Energy PLC\n('Empyrean' or the 'Company', (EME))\n\nPlacing to raise £816,000\nParticipation Agreement signed for a 10% interest in the Riverbend Project, Texas\n\nHighlights\n\n\n\nPlacing to raise £816,000 at 6p for new project.\n\n\nDirectors participate in the capital raising.\n\n\nParticipation Agreement signed for 10% of the Riverbend Project - an exciting new gas play.\n\n\nRiverbend Project has already confirmed high pressure gas reservoir with estimated 800 billion cubic feet equivalent gas potential.\n\n\nFirst well drilled encountered multiple gas flares and higher pressures and gas influx than those seen in prolific Austin Chalk wells drilled by other operators directly north of the Riverbend Project.\n\n\n\nPlacing\n\nEmpyrean Energy Plc is pleased to announce it has raised £816,000 before expenses, through a placing of 13,600,000 new ordinary shares of 0.2p each in the Company ('Ordinary Shares') (together the 'Placing Shares') at a price of 6p per Placing Share (the 'Placing'). Empyrean Directors, Tom Kelly and Frank Brophy have taken up 2,000,000 and 166,666 shares respectively in the Placing and following this will own 8,500,000 and 1,333,332 shares respectively in the Company.\n\nProceeds from the raising will be used for the acquisition of a 10% interest in the Riverbend Project in Texas (further details below).\n\nThe Placing has been performed under existing share allotment authorities, and the Placing Shares equate to 12.7% of the enlarged issued share capital of the Company following completion of the Placing.\n\nThe Placing Shares will rank pari passu in all respects with the existing Ordinary Shares on issue. Following admission to trading on AIM, Empyrean's total issued and voting share capital will comprise 106,925,793 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 Compan...