Empyrean Energy PLC Option Purchase and Exercise (2649Z)

TIDMEME

RNS Number : 2649Z

Empyrean Energy PLC

13 March 2017

This announcement contains inside information

Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas

13 March 2017

Empyrean Energy PLC ('Empyrean' or 'the Company')

Option Purchase and Exercise

Empyrean confirms that it was notified that on 10 March 2017 that Apnea Holdings Pty Ltd ("Apnea"), a company which is wholly-owned by Tom Kelly, CEO of Empyrean, on that date purchased options (the "Options") in respect of 63,000,000 ordinary shares of 0.2p each in in the Company ("Ordinary Shares") from a third party not connected with the Company (the "Seller"). The terms of the Options are set out below and the total consideration payable by Apnea in respect of the purchase of the Options was AU$275,000 (equivalent to approximately GBP171,000).

 
 Number of Options   Exercise Price   Expiry Date 
 18,000,000          0.2 pence        19 July 2017 
 15,000,000          2.1 pence        19 July 2017 
 15,000,000          4.1 pence        25 March 2018 
 15,000,000          2.1 pence        26 July 2019 
 

Further to the announcement on 15 December 2016, the first tranche of Options detailed above reflects the agreement reached between the Company and the Seller that, if this tranche of Options were to be exercised prior to shareholder approval being granted for the necessary capitalisation from reserves to allow the exercise price to be amended to 0.1p, then this tranche of Options would have an exercise price of 0.2p and convert into a greater number of 18,000,000 Ordinary Shares.

Empyrean also announces that, on 10 March 2017, it received notice from Apnea that it intended to exercise its option in relation to 18,000,000 Ordinary Shares at an exercise price of 0.2 pence each. Accordingly, the Company has issued and allotted 18,000,000 Ordinary Shares (the "New Ordinary Shares"). Application will be made for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place on 17 March 2017. These New Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following this exercise, Tom Kelly has a beneficial interest in 38,881,563 Ordinary Shares, representing 16.21% per cent. of the enlarged issued share capital of the Company.

Following the transaction, Empyrean's total issued share capital will comprise 239,833,853 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

**ENDS**

 
  Empyrean Energy plc 
   Tom Kelly               Tel: [phone] 
 
 
   Cenkos Securities plc 
   Neil McDonald           Tel: [phone] 
                            9771 
   Beth McKiernan          Tel: [phone] 
                            9778 
   Nick Tulloch            Tel: [phone] 
                            9772 
 
 
   St Brides Partners Ltd 
   Elisabeth               Tel: [phone] 
    Cowell                  1177 
   Lottie Brocklehurst     Tel: [phone] 
                            1177 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1.    Details of the person discharging managerial 
        responsibilities / person closely associated 
----  -------------------------------------------------------------------------------- 
 a)    Name                              Tom Kelly 
----  --------------------------------  ---------------------------------------------- 
 
 2.    Reason for the Notification 
----  -------------------------------------------------------------------------------- 
 a)    Position/status                   Chief Executive Officer of the 
                                          Company 
----  --------------------------------  ---------------------------------------------- 
 b)    Initial notification/amendment    Initial notification 
----  --------------------------------  ---------------------------------------------- 
 
 3.    Details of the issuer, emission allowance market 
        participant, auction platform, auctioneer or 
        auction monitor 
----  -------------------------------------------------------------------------------- 
 a)    Name                              Empyrean Energy plc 
----  --------------------------------  ---------------------------------------------- 
 b)    LEI                               - 
----  --------------------------------  ---------------------------------------------- 
 
 4.    Details of the transaction(s):section to be repeated 
        for (i) each type of instrument; (ii) each type 
        of transaction; (iii) each date; and (iv)each 
        place where transactions have been conducted 
----  -------------------------------------------------------------------------------- 
 a)    Description of                    Options over ordinary shares 
        the Financial instrument,         of 0.2p each ("Ordinary Shares") 
        type of instrument 
----  --------------------------------  ---------------------------------------------- 
       Identification                    GB00B09G2351 
        code 
----  --------------------------------  ---------------------------------------------- 
 b)    Nature of the Transaction         Purchase of options in respect 
                                          of 63,000,000 Ordinary Shares 
                                          and subsequent exercise of options 
                                          in respect of 18,000,000 Ordinary 
                                          Shares at 0.2p per Ordinary 
                                          Share. 
----  --------------------------------  ---------------------------------------------- 
 c)    Price(s) and volume(s)            Price                Volume 
----  -------------------------------- 
                                         AU$275,000           Options in respect 
                                          (aggregate)          of 63,000,000 Ordinary 
                                          (equivalent          Shares with an exercise 
                                          to approximately     price of 0.2p to 
                                          GBP171,000)          4.1p per Ordinary 
                                                               Share 
----  -------------------------------- 
 
                                          Price               Volume 
                                         0.2p                 18,000,000 
 -------------------------------------  ------------------  -------------------------- 
 d)    Aggregated information            N/A (Single transaction) 
        Aggregated volume 
        Price 
----  --------------------------------  ---------------------------------------------- 
 e)    Date of the transaction           13 March 2017 
----  --------------------------------  ---------------------------------------------- 
 f)    Place of the transaction          London Stock Exchange, AIM (LON:EME) 
----  --------------------------------  ---------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 13, 2017 06:30 ET (10:30 GMT)