Armstrong Teasdale Advises Empyrean Energy Plc on £7.623 Million Fundraising
Armstrong Teasdale’s U.K. Capital Markets team recently advised Empyrean Energy Plc (Empyrean) as part of its £7.623 million fundraising to complete funding requirements for a Chinese offshore drilling project.
Led by Partner Joan Yu, the team acted for Empyrean in entering in a convertible loan agreement with an investment fund based in Melbourne, Australia, issuing a convertible loan note to the lender and receiving gross proceeds of £4.0 million. Together with an equity placing to raise £3.623 million, the proceeds will complete Empyrean’s funding requirements (on a dry hole basis) for the drilling of the Jade prospect at the company’s 100% owned Block 29/11 permit, offshore China, which is scheduled to be drilled in late December 2021. Funds will primarily be used for final drilling preparation activities and the drilling of the Jade prospect, and for the Company's general working capital requirements.
Empyrean is an oil and gas development company with interests in China, Indonesia and the United States.