Empyrean Energy has raised £1million through a share placing.
The 11,764,706 ordinary shares of 0.2p each were placed at 8.5p per share through a London based firm.
Following the placing, the company’s enlarged issued capital will be 398,995,110 ordinary shares, each with voting rights.
The placing price represents a 20% discount to the Volume Weighted Average Price over the three trading days prior to completion.
The funds raised pursuant to the placing will be used for general working capital.
An application has been made for the placing shares to be admitted to trading on AIM.
Admission is expected to take place on August 8.
Tom Kelly, Empyrean chief executive officer, said: “On the back of our first exploration success from our Mako Prospect in Indonesia and leading into a very exciting couple of months of further exploration with drilling at the high potential impact Dempsey prospect in the Sacramento Basin, California along with 3D seismic results from our Block 29/11 offshore China still to come – Empyrean is attracting interest from institutional investors.
“This is very encouraging as we look to grow the Company in a sensible fashion to help unlock value on behalf of all shareholders.”