Wednesday December 3, 8:00 am EST
Empire Announces Terms of Rights Offering
LEAWOOD, Kan.--(BUSINESS WIRE)--Empire Energy Corporation International (OTCBB:) EEGC - News) today announced terms of its recently announced rights offering.
The rights issue will provide all shareholders as of December 18, 2008 a right to buy one share of Empire common stock for a price of $0.07 for each two shares they hold on that date. This means that if you are a shareholder at the end of the day on December 18 you will be able to participate in the rights offering and will receive a certificate for your rights based on the number of shares you own on that date (1 right for 2 shares). If you acquire Empire shares before the Record Date of December 18, you will receive the rights. If you sell shares before the Record Date, you will not receive the rights. If you now own shares and sell them after the Record Date, you will receive the rights. You will receive, either in the mail or through your broker, the documents needed to take advantage of the rights. We are in the process of drafting a registration statement to register the Rights offering. Once the registration statement is declared effective, you can execute the documents you received and return them to the Company with your payment and the shares will be delivered to you. You will have 30 days from the effective date to accomplish this and you will be notified of the effective date immediately.
Additionally, if you are optimistic about the prospects of Empire, you may acquire additional shares by participating in the over-allotment option that will include all of the shares that were not purchased by other rights holders during the first 30 days after the commencement of the offering. The over allotment option period will commence immediately after the first 30 days and continue for an additional 30 days. The purchase price per share during the over allotment option period will remain at $.07 per share. You may take advantage of the over-allotment option by indicating your interest in your initial rights option. Once the over-allotment period begins you will be sent additional documents which you can return with payment. Shortly after the closing date the shares will be delivered to you.
The shares you will be acquiring by participating in the rights offering will be fully registered/free trading shares. This offering, therefore, will not commence until after the registration statement has been declared effective by the United States Securities and Exchange Commission.
CEO, Malcolm Bendall stated "Thanks to our recently completed financing, we should now be able to complete deep drilling on our Bellevue well, which we expect will also lead to drilling on a series of additional wells, especially if Bellevue is successful. Since we will need additional funding for additional wells, I determined that we should give our existing loyal shareholders the opportunity to invest further at these depressed share price levels and maintain their ownership positions. I appreciate and want to thank our shareholders for their perseverance and patience."
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation Int'l, please refer to its 10-KSB and 10 Q reports filed with the U.S. Securities and Exchange Commission.
Return to Press Releases
