Empire Energy Group (ASX:EEG) opened a share purchase plan to raise around AU$3 million, where eligible shareholders will be able to apply for up to AU$30,000 worth of new fully-paid ordinary shares in the firm at an offer price of AU$0.16 per new share, according to a Friday Australian bourse filing.

The share purchase plan will close on June 6, the filing said.

Participants will also receive one attaching unlisted option for every two new shares, exercisable at AU$0.24 two years from the date of issue, the filing stated.

Shares of the company fell nearly 6% in recent Friday trade, hitting a 52-week low.