Empyrean Energy : Raises £1,028,000 Before Costs at 10p Per Share

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Empyrean Energy PLC - EME A £1 Million Placement Released 08:11 16-Nov-2018

RNS Number : 5980H

Empyrean Energy PLC 16 November 2018

This announcement contains inside informa�on

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

16 November 2018

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

Empyrean raises £1,028,000 before costs at 10p per share

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has today issued 10,280,000 new ordinary shares of 0.2p each in the Company (the "Placing Shares") at a price of 10p per Placing Share (the "Placing Price") raising gross proceeds of £1,028,000 (the "Placing").

The Placing is being completed under the Company's exis�ng authori�es and is not subject to the approval of shareholders. Following the Placing, the Company's enlarged issued share capital will comprise 424,275,110 ordinary shares of 0.2p each (the "Shares"), each with vo�ng rights. This figure may be used by shareholders as the denominator for the calcula�ons by which they will determine if they are required to no�fy their interest in, or a change to their interest in, securi�es of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Placing Price represents a 3.7% premium to the Volume Weighted Average Price of the Company's Shares over the twenty trading days prior to the Placing (9.6408p) and a 4.9% premium to yesterday's closing price (9.525p). The Placing Shares have been issued to new sophis�cated investors and also exis�ng shareholders, including Dr Patrick Cross, the Company's Chairman. Dr Cross has subscribed for 100,000 shares under the Placing, and now has an interest in 725,000 Shares, represen�ng 0.17% of the Company's enlarged issued share capital.

The funds raised pursuant to the Placing will be used for the Company's general working capital purposes.

Applica�on has been made for the Placing Shares to be admi�ed to trading on AIM. Admission is expected to take place on or about 22 November 2018. The Placing Shares will rank pari passu with exis�ng ordinary shares.

Tom Kelly, Empyrean CEO, commented, "Following the announcement of the highly-encouraging independent expert review of our Chinese prospects by Gaffney Cline & Associates, the Company felt it was a prudent �me to secure further working capital to support our ongoing ac�vi�es across the por�olio. The Company welcomes the support of exis�ng shareholders, who have endorsed the Company's recent progress, along with a number of new shareholders. It was pleasing to secure these funds at a premium to recent trading levels, which we see as a sign of investor confidence in the untapped poten�al of our projects".

**ENDS**

Empyrean Energy plc
Tom Kelly	Tel: [phone]
Cenkos Securi�es plc
Neil McDonald	Tel: [phone]
Beth McKiernan	Tel: [phone]
St Brides Partners Ltd
Lo�e Wadham	Tel: [phone]
Frank Buhagiar	Tel: [phone]

No�fica�on and public disclosure of transac�ons by persons discharging managerial responsibili�es and persons closely associated with them

Details of the transac�on(s): sec�on to be repeated for (i) each type of instrument; (ii) each type of transac�on; (iii) each date; and (iv)each place where transac�ons have been conducted

b)	Nature of the Transac�on	Issue of Shares
c)	Price(s) and volume(s)	Price	Volume
10p per Ordinary	100,000
Share
d)	Aggregated informa�on	N/A (Single transac�on)
Aggregated volume Price
e)	Date of the transac�on	16 November 2018
f)	Place of the transac�on

London Stock Exchange, AIM (LON:EME)

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END

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A £1 Million Placement - RNS