The company has decided to accept all the commitments from existing shareholders.
Under the non-brokered offer which closed on 14 October 2020, Emperor will issue 23,428,571 new shares at 2.8 cents per share.
Exploration activities at Judith to continue
Net proceeds from the SPP will go towards strengthening the company’s balance sheet and provide important funding to continue its exploration activities, as it progresses with the Judith Gas Field Project.
Last month, APA Group’s (ASX:APA) started the pre-front end engineering design (pre-FEED) for the provision of midstream infrastructure and services related to gas that will potentially be produced from the Judith Gas Field.
The Judith Gas Field is in the 100% Emperor Energy-owned VIC/P47 Permit offshore Gippsland Basin, Victoria.