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LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Tuesday said it is looking to raise GBP1.0 million in an open offer of shares, following a successful placing.
The oil & gas exploration and production company will issue 33.5 million shares at 3 pence to qualifying shareholders.
Europa Oil & Gas shares were trading down 9.7% at 3.25p each.
Furthermore, the company said Tuesday it has raised GBP4.0 million via the placing of 133.3 million shares at the same price.
The funds raised in the equity fundraise will be used to provide funding for the company's near-term work programme, to fund new venture opportunities and to provide working capital to the company.
Chief Executive Officer Hugh Mackay said: "The funds raised will enable the company to continue to advance its high impact exploration portfolio in Atlantic Ireland and in particular to bring our high-graded prospects to the point of being ready to drill. Atlantic Ireland is entering a new drilling phase and the funds raised will help Europa become part of that. The funds raised will enable us to deliver the work programme for a potential new licence in Morocco and to screen and land other new ventures."
The firm advised that some directors have undertaken to subscribe in the placing and open offer for at least 1.5 million shares, representing a participation of at least GBP45,000.
