Results of Retail Offer

Empyrean Energy plc or the "Company" (AIM:EME) advises, further to the announcements made on 6 November 2024, the results of the opportunity for its existing retail shareholders via the CMC CapX (the "Retail Offer") to subscribe for new ordinary shares in the capital of the Company. The Company announces that it has conditionally raised gross proceeds of approximately £59,399 through the conditional issue of 59,399,000 new ordinary shares pursuant to the Retail Offer, for which acceptances closed at 5.00 p.m. on 8 November 2024, and in addition, the Company has accepted direct subscriptions for a further amount of £75,268 (75,268,332 new ordinary shares) on the same terms.

Accordingly, the Company has raised gross proceeds of approximately £1.255m from the aggregated Placing and Subscription announced on 6 November 2024 when combined with the Retail Offer and additional direct subscriptions received as at today's date. As a result, the Company will, subject to approval at a general meeting on or about 2 December 2024 and following the Capital Reorganisation, issue a total of 1,255,167,332 new Ordinary Shares pursuant to the Placing, direct Subscriptions and Retail Offer (together the "Fundraising Shares"). All of the Fundraising Shares are being issued at a price of 0.1p (the Issue Price").

As advised on 6 November 2024 the Company conditionally raised £1.12 million (before costs) pursuant to the Placing and the Subscription.

The issue of the Fundraising Shares is conditional upon the passing of the resolutions to be put to shareholders of the Company at a General Meeting, expected to be held at the offices of the Cavendish at 1 Bartholomew Close, London, EC1A 7BL at 10.00 a.m. on Monday 2 December 2024. The issue of the Fundraising Shares is also conditional on being admitted to trading on the AIM market operated by London Stock Exchange plc ("Admission").

Admission is expected to take place at 8.00 a.m. on 3 December 2024. Completion of the Retail Offer is conditional, inter alia, upon the completion of the Placing.

Following Admission, the Company will have 2,550,092,441 New Ordinary Shares in issue. This figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Terms used but not defined in this announcement have the same meaning as set out in the Company's announcement released on 6 November 2024.