Australia's Empire Energy Group slumps on discounted fundraise

Beetaloo Energy Australia

17/04/2024 02:23

** Shares of Empire Energy Group  EEG.AX  fall as much as
8.1% to A$0.170, set for worst day since March 22 - if losses
hold 
    ** Gas producer says it has completed A$46.8 mln ($30.00
mln) capital raise, out of which A$39 mln was raised via share
placement 
    ** Placement issue price of A$0.16 per share at a 13.5%
discount to last closing price on April 12 
    ** Funds raised will be used to develop its Carpentaria
Pilot project in Northern Territory, Australia 
    ** Shares hit their lowest since April 5 
    ** Stock down ~5.1% this year, as of last close

($1 = 1.5601 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))