- Empire Energy (EEG) has successfully raised $30 million via a two-tranche placement
- More than 99 million shares will be issued to institutional and sophisticated investors at 30 cents
- This price represents a 13.6 per cent discount to Empire’s closing price of 35.5 cents on April 13
- As previously announced, Empire will use the funds to acquire Pangaea NT’s 82.5 per cent interest in five Beetaloo Basin tenements
- To acquire the tenements, Empire will pay $5 million in cash to Pangaea and issue 140 million ordinary shares upon completion
- Shares in Empire are down 2.82 per cent on the market and trading at 34.5 cents
