Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

Pitts

As you know there were even more abortive would-be fund raisers before those ones.

It might amuse you to hear of a personal experience I had before GSLM merged with Empire in 2005.

In 2002 GSLM sought to raise $5 million from the public through an Offer Information Statement with subscriptions invited for 5 million shares of $1 a share. A road show to sell them was put in train with public meetings held in large centres in Tasmania and there was even a selling foray made to the mainland.

At a meeting I attended in Tasmania which was addressed by a representatve of GSLM (I had better not name him for fear of inviting a legal writ but I leave it to your imagination to guess who) it was claimed that an (unnamed) investor had offered to take up the the whole of the Offer for $2 a share i.e. a total of $10 million. It was said the offer had been rejected because the Company wanted all Tasmanians the opportunity to participate in their own magnificent project.

In the washup when the Offer closed it had raised only $1.3 million of which I imagine a reasonable percentage went to settle Directors' outstanding expenses. The unknown investor who it was said had been eager to put up the $10 million did not even take up the unsubscribed shares at a $1 (for only $3.7 million) and was never heard of again (why was I not surprised?).

I raised the matter with the Australian Securities Commission and they acknowledged they have it on file.

Lets put it this way - here are a few recent names mentioned by EEGC in connection with funding: