Join our daily newsletter At The Bell to receive exclusive market insights
- Emperor Energy (EMP) has received firm commitments to raise $656,000 through a share purchase plan (SPP)
- The SPP attracted strong demand and exceeded the company’s original expectations of $300,000
- Fortunately, Emperor decided to accept all commitments
- More than 23 million shares will now be issued priced at 2.8 cents each on October 19, 2020
- Emperor will use the funds raised to strengthen its balance sheet and provide funding to continue exploration activities
- Company shares have dropped 13.9 per cent on the market and are trading for 3.1 cents each
Emperor Energy (EMP) has received firm commitments to raise $656,000 through a share purchase plan (SPP).
The SPP attracted strong demand and exceeded the company’s original expectations of $300,000. Fortunately, Emperor decided to accept all commitments.
All up, 23,428,571 shares will be issued on October 19 at 2.8 cents each, representing a 10 per cent discount to the five-day volume weighted average price.
Emperor Energy plans to use the funds raised to strengthen its balance sheet and provide funding to continue exploration activities.
The company’s Offshore Gippsland Basin lies 200 kilometres east of Melbourne in Australia’s premier hydrocarbon province.
Since exploration began in 1924, over 400 exploration wells have been drilled and more than 40 3D seismic surveys have been completed.
The gas produced from this project has travelled to Sydney, Adelaide and Tasmania.
Emperor’s other project, Canning Basin, lies in Western Australia, and it is currently cased and suspended at 1155 metres. This basin was drilled in October 2010 to a depth of 1800 metres.
Emperor has dropped 13.9 per cent on the market and shares are trading for 3.1 cents each at 1:35 pm AEDT.
