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 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:
Identification code:
|
Ordinary shares of 0.01p each
("Shares")
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:
- 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)
|
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:
Identification code:
|
Ordinary shares of 0.01p each
("Shares")
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:
- 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)
|
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:
Identification code:
|
Ordinary Shares of 0.01p each
("Shares")
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:
- 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)
|