Empyrean Energy PLC Extension to Exercise Period for Placing Warrants (8149P)
21 October 2021 - 8:00PM
UK Regulatory
TIDMEME
RNS Number : 8149P
Empyrean Energy PLC
21 October 2021
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Extension to Exercise Period for 12p Placing Warrants
21 October 2021
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
development company with interests in China, Indonesia and the
United States, advises that it has resolved to extend the existing
deadline for the early exercise of placing warrants exercisable at
12p (the "Warrants") (and the entitlement to a substitute 12p
warrant and bonus 18p warrant) from 22 October 2021 until 12
November 2021.
As detailed in the announcement on 9 July 2021, any 12p Placing
Warrants that are exercised by 22 October 2021 will receive a
replacement incentive warrant expiring 22 October 2022 with an
exercise price of 12p (the "Substitute Warrants") plus a bonus
warrant expiring 22 July 2023 with an exercise price of 18p (the
"Bonus Warrants").
This "one off" measure has been implemented to enable holders of
the Warrants who intended to take advantage of the grant of the
Substitute Warrant and Bonus Warrant through the exercise of their
respective Warrants pursuant to the terms of the original warrant
instrument but were unable to do so during the current pandemic
situation.
CEO, Tom Kelly commented "The level of early support from
warrant holders to exercise early has been very encouraging and we
want to make sure that every warrant holder has the opportunity to
exercise early to receive the resultant share plus replacement
warrant plus bonus warrant package despite the pandemic. The
greater the level of early warrant exercise, the less the Company
will need to rely on dilution at the project level from a JV or
dilution from another source. Put simply, the greater the level of
support from warrant holders, the stronger the position the Company
will be in leading into the exciting drilling of the 395 million
barrel of light oil in place target at the Jade prospect in
December."
-ENDS-
For further information please contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 6146 5325
Cenkos Securities plc (Nominated
Advisor and Broker)
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
First Equity Limited (Joint
Broker)
Jason Robertson Tel: +44 (0) 20 7330 1883
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END
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