- Emperor Energy (EMP) receives firm commitments to undertake a $1.5 million share placement
- A total of 35.3 million new fully-paid ordinary shares will now be issued to professional and sophisticated investors at 4.25 cents
- Additionally, Emperor intends to settle creditors with the allocation of 2.24 million new fully-paid ordinary shares at an issue price of 4.25 cents for a total value of $95,200
- Once received, Emperor will use the money from the placement to strengthen its balance sheet and fund its upcoming exploration activities
- Shares in Emperor were down two per cent to end the day, down to 4.9 cents
Emperor Energy (EMP) has received firm commitments to undertake a $1.5 million share placement.
The company entered a trading halt on February 1 but did not disclose how much it intended to raise or what it would use the funds for once received.
A total of 35.3 million new fully-paid ordinary shares will now be issued to professional and sophisticated investors at 4.25 cents.
This price represents a 15 per cent discount to Emperor’s five-day volume-weighted average price of five cents and a 15 per cent discount to the last trading price of five cents.
Additionally, Emperor intends to settle creditors with the allocation of 2.24 million new fully-paid ordinary shares at an issue price of 4.25 cents for a total value of $95,200.
Subject to the receipt of funds, the shares will be issued on or around February 5.
Once received, Emperor will use the money from the placement to strengthen its balance sheet and fund its upcoming exploration activities.
Shares in Emperor were down two per cent to end the day, down to 4.9 cents.