- Empire Energy Group (EEG) has successfully raised $6 million via an oversubscribed share purchase plan (SPP)
- The company first announced the capital raise in late April, offering $30,000 worth of new shares to investors for 30 cents each
- EEG has now closed the SPP, stating around 400 Empire shareholders took part in the raise, surpassing expectations
- Along with the $6 million from the SPP, Empire also raised $30 million via a placement last month
- The majority of the cash raised went towards acquiring the Beetaloo Sub-basin portfolio from Pangae
- Shares in Empire Energy Group closed down 1.43 per cent at 34.5 cents per share
Empire Energy Group (EEG) has successfully raised $6 million via an oversubscribed share purchase plan (SPP).
The company first announced the SPP back in late April, offering $30,000 worth of new shares to shareholder at 30 cents each.
The share purchase plan closed last week, and EEG stated around 400 Empire shareholders took part in the raise, surpassing expectations.
The SPP was also oversubscribed, prompting the company to raise the offer from $3 million to $6 million to avoid a scale-back.
Along with the $6 million recently raised from the share purchase plan, Empire raised $30 million via a placement last month.
The majority of the cash raised has gone towards the company’s acquisition of the Beetaloo Sub-basin portfolio from Pangae.
Speaking about the capital raise, EEG Managing Director Alex Underwood said Beetaloo was now well funded.
“We appreciate the strong support of shareholders who have applied to participate in the SPP,” Alex began.
“Funds raised under the SPP will support Empire’s Beetaloo Sub-basin focused growth activities and further complement the Company’s working capital position,” he said.
“The acquisition of the Pangaea and EMG Beetaloo Sub-basin properties are now well funded, as are planned appraisal work programs including the imminent vertical fracture stimulation of Carpentaria-1 and further horizontal appraisal drilling,” he added.
Shares in Empire Energy Group closed down on Wednesday, May 12, 1.43 per cent in the red at 34.5 cents per share.