Last checked at 19 Apr 2010 07:00
19 April 2010 Europa Oil & Gas (Holdings) Plc ('Europa' or the 'Company') Placing to raise £1,000,000
Europa Oil & Gas (Holdings) Plc, the oil and gas explorer and producer, announces it has conditionally raised £1,000,000 before expenses, through an institutional placing via its broker Astaire Securities Plc ("Astaire") of 7,142,857 new ordinary shares of nominal value of 1.0p each in the Company (together the 'Placing Shares') at a price of 14p per ordinary share (the 'Placing').
The proceeds from the placing will be utilised for UK production enhancement work and the forthcoming Voitinel test.
The Placing has been performed under existing share allotment authorities, and the Placing Shares equate to 8.7% of the enlarged issued share capital of the Company following completion of the Placing.
Application will be made for the Placing Shares to be admitted to trading on AIM. Of the 7,142,857 new ordinary shares being issued, it is expected that 3,892,857 new ordinary shares will be admitted to trading on 26 April 2010, and the remaining 3,250,000 will be admitted to trading on 4 May 2010. Completion of the Placing is conditional, amongst other things, on such admission becoming effective.
Following admission to trading on AIM of the Placing Shares, which will rank pari passu in all respects with the existing ordinary shares in issue, Europa's total issued and voting share capital will comprise 82,206,587 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.
Under the placing agreement, Astaire has been issued options to subscribe for 357,142 ordinary shares, exercisable at 14p, and expiring on 26 April 2012.
Paul Barrett, Managing Director of Europa, said `This modest fundraising will support our ongoing production and appraisal work in the UK and Romania. The Directors took the prudent decision to bolster the balance sheet in order to ensure the production work continues apace in a rising oil price environment. In addition, work will continue on maturing the Company's Contingent resource base. The future value of these activities is anticipated to far outweigh today's minor dilution to shareholders.'
For further information, please contact:
Philip Greenhalgh / Paul Barrett, Europa Oil & Gas +44 1235 553 266
Shane Gallwey / Toby Gibbs, Astaire Securities +44 20 7448 4400
Jerry Keen (Corporate Broking), Astaire Securities +44 20 7448 4492
EUROPA OIL & GAS (HOLDINGS) PLC