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Empire Energy Group Limited (ASX:EEG)

ALERT: Price-sensitive ASX Announcement for EEG
Current share price for EEG : $0.185 0.015 (8.82%)+
Announcement
Release
23 May 2025 9:40AM
Price at Release
$0.170
Full Release
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Summary
Empire Energy Group Limited has opened its Share Purchase Plan (SPP), offering eligible shareholders the opportunity to acquire new shares at $0.15 each, matching a recent institutional placement price. The SPP aims to raise additional funds to support the ongoing development of the Carpentaria Pilot Project, including drilling and engineering work, and to provide working capital and future exploration flexibility. Eligible shareholders as of 17 May 2023 can apply for up to $30,000 in new shares, with the offer open from 24 May to 14 June 2023. The company may scale back applications if demand exceeds the target and may place any shortfall with institutional or sophisticated investors. Participation is voluntary, and the SPP is not underwritten.
Key Points
  • Empire Energy Group Limited (EEG) has announced the opening of its Share Purchase Plan (SPP) to eligible shareholders.
  • The SPP allows eligible shareholders to purchase up to $30,000 worth of new shares without incurring brokerage or transaction costs.
  • The SPP offer price is set at $0.15 per share, which is the same price as the company's recent institutional placement.
  • The funds raised under the SPP and the placement will be used for the continued development of the Carpentaria Pilot Project, including drilling, stimulation, flow testing, and early-stage engineering work.
  • Shareholders on the register as of 7:00pm (Sydney time) on 17 May 2023 are eligible to participate in the SPP.
  • The SPP offer opens on 24 May 2023 and is scheduled to close at 5:00pm (Sydney time) on 14 June 2023, unless extended or closed earlier.
  • EEG reserves the right to scale back applications under the SPP if the total demand exceeds the targeted raise amount.
  • Participation in the SPP is voluntary, and further details are provided in the SPP booklet sent to eligible shareholders.
  • Funds raised will also provide EEG with financial flexibility for working capital and potential future exploration activities.
  • The SPP is not underwritten, and the Board may choose to place any shortfall to institutional or sophisticated investors.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.