Empire Oil & Gas NL has announced the placement of 52 million ordinary shares and 26 million securities for one cent per share with one free new option for every two shares subscribed. The minnow is looking for sophisticated investors to help fund two WA projects.
In a statement the firm said, “Funds raised by this placement will be used to pursue farmout opportunities in respect of some of the company’s exploration obligations and supplement the working capital in the company’s Carnarvon and Perth Basin projects.”
Empire is hoping to raise $520,000 and this will be used to fund seismic pre-planning operations in the Perth Basin and seismic mapping & reprocessing and detailed geochemical surveys costs at the Carnarvon basin.
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