Business
Result of Open Offer
Result of Open Offer.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 6177M\n Empyrean Energy PLC\n 12 May 2020\n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \n \n \n \n Empyrean Energy PLC (\"Empyrean\" or the \"Company\")\n Results of the Open Offer\n \n \n \n 12 May 2020\n \n On 22 April 2020, Empyrean Energy Plc (\"Empyrean\"), the oil and gas development company with interests in China, Indonesia and the United States, announced the launch of an Open Offer pursuant to which Qualifying Shareholders were able to subscribe for 1 new Ordinary Share in the Company at a price of 3.5 pence each (the \"Issue Price\") for every 8 Ordinary Shares held at the Record Date (\"Open Offer\").\n \n The Open Offer closed for acceptance at 11.00 a.m. on 11 May 2020 and the Company advises that valid applications, including pursuant to the Excess Application Facility, were received in respect of a total of 11,358,275 new Ordinary Shares, being approximately 20 per cent. of the Ordinary Shares made available pursuant to the Open Offer. Accordingly, the Company has raised gross proceeds of approximately £397,540 pursuant to the Open Offer. The Company has also issued 500,000 new Ordinary Shares to investors outside of the Open Offer through a direct subscription (the \"Subscription\"), raising a further £17,500 and increasing the gross proceeds raised to approximately £415,040. Together with the proceeds of the subscription announced on 14 April 2020, the Company has raised a total of approximately £825,990 in recent weeks.\n Application has been made for the new Ordinary Shares to be issued pursuant to the Open Offer and the Subscription (together the \"New Ordinary Shares\") to be admitted to trading on AIM. Admission of the New Ordinary Shares is expected to take place on 14 May 2020. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.\n Following the issue of the New Ordinary Shares, Empyrean's total issued share capital will comprise 471,197,281 Ordinary Shares, each with voting rights. 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 Company under the Financ...