Empyrean Energy

Web site : http://www.empyreanenergy.com

RNS Number : 9348J
Empyrean Energy PLC
09 April 2010


9 April 2010

Empyrean Energy PLC

('Empyrean' or the 'Company')

Placing to raise 1,500,000

Empyrean Energy Plc, the oil and gas explorer and producer, announces it has conditionally raised 1,500,000 before expenses, through an institutional placing via its broker Astaire Securities Plc ("Astaire") of 25,000,000 new ordinary shares of nominal value of 0.2p each in the Company (together the 'Placing Shares') at a price of 6p per ordinary share (the 'Placing').

Proceeds from the raising will contribute towards further development at the Riverbend, Hercules and Sugarloaf projects in Texas, USA and Eagle Oil project in California, USA and for general working capital.

The Placing has been performed under existing share allotment authorities, and the Placing Shares equate to 17% of the enlarged issued share capital of the Company following completion of the Placing.

Application will be made for the Placing Shares to be admitted to trading on AIM. Of the 25,000,000 new ordinary shares being issued, it is expected that 23,350,000 new ordinary shares will be admitted to trading on 16 April 2010, and the remaining 1,650,000 will be admitted to trading on 23 April 2010. Completion of the Placing is conditional, amongst other things, on such admission becoming effective.

Following admission to trading on AIM of the Placing Shares, which will rank pari passu in all respects with the existing ordinary shares in issue, Empyreans' total issued and voting share capital will comprise 147,224,460 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

Under the placing agreement, Astaire has been issued options to subscribe for 500,000 ordinary shares, exercisable at 6p, and expiring on 16 April 2013.

Contact:
Tom Kelly Empyrean Energy Plc Tel: +618 93216988

Nominated Adviser and Broker:
Jerry Keen Astaire Securities Plc Tel: +44 (0) 20 7448 4400
Shane Gallwey Astaire Securities Plc Tel: +44 (0) 20 7448 4400

The above is all rather worrying. You must be in deep doo-doo to enlarge the number of shares in issue at such a low price hot on the heels of the previous loan.

Wonder what the odds are of this going bust. They seem to increase all the time now.

but who were the mugs who accepted the placing shares?

Another 35m shares at 6p

Now why would hardened investors(in the present climate) throw 3.5million at such a useless company????
cyril
p.s. perhaps they're trying to get it on the cheap?

because they are stupid and/or they have taken additional security against the company or its directors
and why would you want to follow them?

I'll reverse that question and ask."why are you taking an interest in a share you've so little time for"?
cyril

because i so choose

thats not answering the question cynic, why are you here?? am out myself.

I think people are entitled to comment on companies they have no holding in. What is it that some think if you don't hold you shouldn't post? Nuts.

chill big al, only stirring cynic, good day so far.

serves you right Emu - lol!

Wasn't necessarily getting at you, Balerboy. I just get so fed up on threads that someone should not voice an opinion on a company if they've no position in it. All views should be welcome in order to generate some objective debate and not the usual ramping ramblings of some plonker who hasn't a clue! Complete bollox IMO.

;-))

Must be refering to you cynic......:))

Emu - you're slagging the wrong person

Al i don't see what your problem is,no great ramping or stiffling of debate IMO? I would be interested to hear your views on why institutions would
invest 3.6m in a company worth 7.9M, effectively taking a 1/3rd stake,to help us debate it?
cyril

Cynic answer to your question is below,eme have 38%.

http://www.vicpet.com.au/farmin/eagle_feb03.pdf

And this
From September:


"R&M is currently finalising discussions with the JV partners in regards to the acquisition of approximately 20 square miles of 3D seismic over the project area. The seismic acquisition will evaluate at least two other shallower zones of interest in addition to the Gatchell Sands that are known to contain oil".

Makes me cynical?lol. You can also throw in Glantel a potentially hugh
CBM asset in Germany,so you can see it's not all about Sugar Loaf?

cyril

http://www.asx.com.au/asxpdf/20100415/pdf/31pslfsdwgyyf0.pdf
cyril

at what price did you make your spiffing investment here?

http://www.asx.com.au


EKA up over 1/3rd in the last week,10%+ on the strength of MORGAN.

cyril