Emperor Energy Limited (ASX:EMP) Secures $3M Placement
Funding Overview
Emperor Energy Limited (ASX:EMP) has secured firm commitments for a $3.0 million placement, pricing shares at A$0.023 each. The placement received robust support from both existing shareholders and new sophisticated investors.
Allocation of Funds
The proceeds from this placement will primarily be used to progress the Judith-2 Well within Exploration Permit Vic/P47. Specific activities include preparation of the Environmental Plan for submission to NOPSEMA, detailed well design and planning, and other ongoing initiatives related to the Judith Gas Field.
Strategic Partnerships
Emperor Energy has appointed a suite of highly regarded technical partners, including AGR, GaffneyCline, Xodus, Jasco, and RPS. These partners will provide independent reports and support the strategic process managed by Argonaut in attracting an investment consortium to drill the Judith-2 well and advance the gas field’s development.
Market Impact
The issue price represents an 8.0% discount to the last closing price of A$0.025. Trading in Emperor Energy shares is expected to resume today, with settlement and allotment anticipated on 23 and 24 December 2024, respectively.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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