Empire raises cash for Eclipse

Junior explorer Empire Oil & Gas NL is looking to raise around $2.3 million and double its issued capital by offering 228,970,009 new shares at 1 cents per share. The company will also issue 114,485,004 new options.

In addition to working capital and administration costs, the funds raised will be used for the drilling of Eclipse-1 well (EP 389), onshore Perth Basin.

Empire said the offer closes on 7 January 2003 at 5.00 pm (western standard time).