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Emperor Energy strengthens balance sheet through well-supported $500,000 placement

The placement was non-brokered and attracted strong demand from existing shareholders who qualify as sophisticated or professional investors.

Emperor Energy Ltd - Emperor Energy raises $500,000, strengthens balance sheet
Shares will be issued on or around May 27

Emperor Energy Ltd (ASX:EMP) has raised $500,000 in a well-supported placement to professional, sophisticated and other exempt investors with funds to help support the company's exploration efforts.

There were 18 million new fully paid ordinary shares issued at of 2.75 cents per new share, which represents a discount of 32% to the company’s 15-day VWAP of 4.1 cents, and only a slight discount to the last traded price of 2.9 cents.

Shares higher

Shares have traded up to 24% higher today to 3.6 cents and are up from 1.6 cents at close on April 14.

The allotment of up to 18 million new shares will be issued within the company’s 15% placement capacity under ASX Listing Rule 7.1 and additional 10% placement capacity under ASX Listing Rule 7.1A.

These new shares will be issued on or around May 27, 2020, subject to receipt of funds.

Proceeds and pre-FEED

The net proceeds of the placement strengthen the company’s balance sheet and provide important funding to company exploration activities.

On May 19 as Emperor signed an agreement with APA Group (ASX:APA) to progress a pre-FEED study for the Judith Gas Field in the offshore Gippsland Basin, Victoria, which is scheduled to begin in July.

The binding agreement with APA is for the provision of midstream infrastructure and services related to gas that will potentially be produced from the field.

Judith is within the 100% Emperor Energy-owned VIC/P47 Permit in the offshore Gippsland Basin and is near existing gas production facilities operated by APA.

Quick facts: Emperor Energy Ltd

Price: 0.027 AUD

ASX:EMP
Market: ASX
Market Cap: $2.69 m
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Emperor Energy moving forward with APA Group to deliver gas into the homes...

Emperor Energy Ltd's (ASX:EMP) Carl Dumbrell updates Proactive's Andrew Scott on the plans for its Judith Gas Field in the offshore Gippsland Basin, Victoria. The company's working with APA Group (ASX:APA) on a pre-feasibility study which Dumbrell says will open up access to their processing...

5 days ago

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