REG - Empyrean Energy PLC - £675,000 Placing

Empyrean EnergyAnnouncement

30/01/2025 07:00

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RNS Number : 1989V  Empyrean Energy PLC  30 January 2025

 

30 January 2025

This announcement contains inside information

 

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

 

Empyrean Energy PLC ('Empyrean' or 'the Company')

Empyrean completes £675,000 Placing

 

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas development
company with interests in Australia, Indonesia and the United States, is
pleased to advise that it has raised £675,000 (before costs) through a
placing of 675,000,000 new ordinary shares of 0.01p each in the Company (the
"Placing Shares") at a price of 0.1p per Placing Share (the "Issue Price")
(the "Placing").

 

The Issue Price represents a 9.1% discount to the price of the Company's
ordinary shares (the "Shares") as at close of business on 29 January 2025
(0.11p) and a 11.7% discount to the volume weighted average price of the
Shares for the ten days prior to close of business on 29 January 2025
(0.113p).

 

Funds raised pursuant to the Placing will be used for Empyrean's anticipated
share of costs for the drilling and testing of the Wilson prospect (as
announced on 23 January 2025) and for the Company's general working capital
purposes.

 

The Placing is being completed under the Company's existing authorities and is
not subject to the approval of shareholders.

 

Director Participation and Salary Sacrifice

 

Of the total raised under the Placing, CEO and Managing Director of Empyrean,
Tom Kelly, has subscribed for 11,000,000 Placing Shares, Technical Director of
Empyrean, Gaz Bisht, has subscribed for 9,000,000 Placing Shares and the
Company Secretary, Jonathan Whyte, has subscribed for 2,500,000 Placing
Shares.

 

The following table details the updated interests of each of Tom Kelly, Gaz
Bisht and Jonathan Whyte:

 

 Director/PDMR   Number of Placing Shares  Total Number of Shares held  % of Issued Share Capital
 Tom Kelly       11,000,000                134,317,571                  4.16
 Gaz Bisht       9,000,000                 65,398,839                   2.02
 Jonathan Whyte  2,500,000                 6,919,413                    0.21

 

As part of ongoing cash preservation measures, Empyrean advises that directors
Tom Kelly and Gaz Bisht and Company Secretary, Jonathan Whyte, have agreed to
take one third of their salaries in shares, commencing from 1 February 2025
and concluding on 31 March 2025 (the "Salary Sacrifice Shares"). The Salary
Sacrifice Shares will be issued at a deemed price of 0.1p in lieu of cash
remuneration for the months of February and March 2025. A further announcement
will be issued in due course.

 

Issue of shares in lieu of capital raising fees

 

The Company advises that it has resolved to issue 7,500,000 shares to a third
party in lieu of part of the fees associated with the Placing (the "Fee
Shares").

 

Issue of Warrants

 

Empyrean advises that it has resolved to issue incentive warrants in respect
of 15,000,000 shares of 0.01p in the Company to the Company Secretary Jonathan
Whyte, or his nominee ("Incentive Warrants"). The Incentive Warrants have been
granted as part of the Company's remuneration framework to incentivise and
retain management.

 

The exercise price of the Incentive Warrants is at a 20% premium to the Issue
Price of the Placing Shares (0. 12p) and they will expire on 31 January 2027.

 

Total Voting Rights and Admission

 

Application will be made for the Placing Shares and the Fee Shares (together,
the "New Ordinary Shares") to be admitted to trading on AIM. Admission is
expected to take place on 4 February 2025. The New Ordinary Shares will rank
pari passu with existing Shares in issue.

 

Following the issue of the New Ordinary Shares, the Company's enlarged issued
share capital will comprise 3,232,592,441 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 Company under the Financial Conduct
Authority's Disclosure and Transparency Rules.

 

Empyrean CEO, Tom Kelly commented, "Empyrean is pleased to secure these funds
in the lead up to drilling the Wilson River 1 well. With the well fully funded
we look forward to updating shareholders on further progress in the lead up to
the commencement of drilling."

 

For further information please visit www.empyreanenergy.com
(http://www.empyreanenergy.com/)  or contact the following:

 

 Empyrean Energy plc                                               Tel: +61 (8) 6146 5325
 Tom Kelly

 Cavendish Capital Markets Limited (Nominated Advisor and Broker)  Tel: +44 (0) 207 220 0500
 Neil McDonald

 Pearl Kellie

 Novum Securities Limited (Joint Broker)                           Tel: +44 (0) 207 399 9400
 Colin Rowbury

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Thomas Kelly
 2   Reason for the Notification
 a)  Position/Status:                                              Managing Director/CEO
 b)  Initial notification/ Amendment:                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Empyrean Energy Plc
 b)  LEI:                                                          213800ZRH1WBHEWDFA57
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary shares of 0.01p each ("Shares")

     Identification code:                                          GB00B09G2351
 b)  Nature of the transaction:                                    Subscription for Placing Shares
 c)  Price(s) and Volume(s):                                       Placing Shares

                                                                   Price
                                                                       Volume

                                                                   0.1p

                                                                   11,000,000
 d)  Aggregated Information:                                       N/A (Single transaction)

     - Aggregated Volume

     - Price
 e)  Date of the Transaction:                                      29 January 2025
 f)  Place of the Transaction:                                     London Stock Exchange, AIM (LON:EME)

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Gaz Bisht
 2   Reason for the Notification
 a)  Position/Status:                                              Technical Director
 b)  Initial notification/ Amendment:                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Empyrean Energy Plc
 b)  LEI:                                                          213800ZRH1WBHEWDFA57
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary shares of 0.01p each ("Shares")

     Identification code:                                          GB00B09G2351
 b)  Nature of the transaction:                                    Subscription for Placing Shares
 c)  Price(s) and Volume(s):                                       Placing Shares

                                                                   Price
                                                                       Volume

                                                                   0.1p

                                                                   9,000,000

 d)  Aggregated Information:                                       N/A (Single transaction)

     - Aggregated Volume

     - Price
 e)  Date of the Transaction:                                      29 January 2025
 f)  Place of the Transaction:                                     London Stock Exchange, AIM (LON:EME)

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Jonathan Whyte
 2   Reason for the Notification
 a)  Position/Status:                                              Company Secretary
 b)  Initial notification/ Amendment:                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Empyrean Energy Plc
 b)  LEI:                                                          213800ZRH1WBHEWDFA57
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary Shares of 0.01p each ("Shares")

     Identification code:                                          GB00B09G2351

                                                                   Warrants over ordinary shares of 0.01p each ("Shares")

                                                                   GB00B09G2351
 b)  Nature of the transaction:                                    Subscription for Placing Shares and Issue of Incentive Warrants
 c)  Price(s) and Volume(s):                                       Placing Shares

                                                                   Price
                                                                       Volume

                                                                   0.1p

                                                                   2,500,000

                                                                   Incentive Warrants

Exercise Price(s)  Volume(s)
                                                                   0.12p              15,000,000

 

 d)  Aggregated Information:                                       N/A (Single transaction)

     - Aggregated Volume

     - Price
 e)  Date of the Transaction:                                      29 January 2025
 f)  Place of the Transaction:                                     London Stock Exchange, AIM (LON:EME)

 

 

d)

Aggregated Information:

- Aggregated Volume

- Price

N/A (Single transaction)

e)

Date of the Transaction:

29 January 2025

f)

Place of the Transaction:

London Stock Exchange, AIM (LON:EME)

 

 

 

 

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