The Gathering Storm13 Sep 2021 10:45
Europa Oil & Gas (Holdings) PLC
Steven Williams became a Non Executive Director 12th March 2020
Year end results and annual report to 31st July 2020 was signed off on 20th October by CEO and refers:
1.'In the absence of incremental production from Wressle in 2020 additional funding for the company would be required, either by issuance of new shares etc'.
2. the groups cash balance at 31st July 2019 £2.9M
the groups cash balance at 31st July 2020 £0.8M
the groups cash balance at 31st January 2021 Interim account £0.3M *Signed off 14th April 2021 by chairman.
3 Shares Stephen Williams at 31st July 2020 Ordinary 141,131 Options 1,200,000
4 Independent auditor remarks 'Reliant on the commencement of production from Wressle at the forecasted production rate of late 2020.
In the absence of this , additional funding would be required to enable the group and parent companies ability to continue as a going concern.
February/March 2021 Additional funding via Placement of New Share to raise £2M.
Tranche 1 Raise £1.5M via offering of 115,384,616 shares *Not an open offer to share holders
Tranche 2 Broker Option to Raise £0.5M via offering of 38,461,538 shares *Not available to the public
Footnote
On 28th January Reabold Resources via a placing of additional shares raised £7.5M.
Highlights of Funding stated that
'the net proceeds of the fund raise by way of a placing of and subscription for ordinary shares will be used for
(iv) additional contingency to provide flexibility across the company's investment portfolio and working capital'.
Next Reabold California
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