Business
£10m Equity Placement Facility secured
£10m Equity Placement Facility secured.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9651X Empyrean Energy PLC 24 December 2019 \n\nThis announcement contains inside information\n \nEmpyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \nEmpyrean Energy PLC (\"Empyrean\" or the \"Company\")\n \n£10m Equity Placement Facility secured\n \n24 December 2019 \n \nEmpyrean Energy Plc (\"Empyrean\"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to advise that it has entered into a £10 million equity placement facility (the \"Facility\") with Long State Investment Limited (\"Long State\"), a Hong Kong-based energy and resource focused investment company. Long State's management has over 50 years of collective experience as a group and completed over 100 investments and financings worldwide. Long State will also provide strategic advice and introduce potential investors both to the Company and its projects with a general focus on Empyrean's Asian assets.\n \nThe Facility provides Empyrean with a fully flexible funding facility and enables it to access capital to fund its ongoing working capital, if required, with the timing of drawdown and the minimum issue price of any Placement Shares entirely at its discretion. Under the terms of the Facility, Empyrean may, at its discretion, place new ordinary shares in the Company (the \"Placement Shares\") with Long State up to a total of £10 million over the next 24 months. Empyrean may draw in tranches of up to £200,000 (which, with the consent of Long State, may be increased to up to £500,000) in any period of 20 trading days (or shorter by mutual agreement). \n \nPlacement Shares issued to Long State under the Facility will be priced at the average of the daily volume weighted average price (\"VWAP\") of Empyrean's shares on two days nominated by Long State during the 20 trading days following submission of a placement notice by Empyrean to Long State, provided that this price cannot be lower than the minimum acceptable price stipulated by Empyrean in the placement notice (the \"Minimum Acceptable Price\"). However, Long State may reduce the amount requested by Empyrean by five per cent. for each day during the Pricing Period that the daily VWAP of the Company's shares is lower than the Minimum Acceptable Price.\n \nA commission of five pe...