- Oil and gas development company Empyrean Energy said it raised about £5.0 million gross through a discounted equity placing in preparation for the Jade prospect drilling this year.

The company placed 83,698,498 shares at a price of 6.0p per a share, which represented a 29.4% discount to closing price on 7 July.

Subscribers to the placing will also receive 1 warrant exercisable at 12p each for every 2 new shares subscribed, the company said.

Funds raised under this placing will primarily be used to secure a suitable drilling rig and order long lead items and for the company's general working capital requirements as it prepares to drill the Jade prospect in China, scheduled for late 2021.

'Funds raised from the exercise of any warrants will be used for drilling preparation activities and drilling of the Jade prospect and working capital,' it added.

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