Last checked at 25 Oct 2011 07:00
Europa Oil & Gas (Holdings) Plc Placing of New Shares
Europa Oil & Gas (Holdings) Plc ("Europa" or the "Company"), the oil and gas explorer and producer with assets onshore UK, Romania and France and Offshore Ireland, announces that its broker, finnCap, has raised approximately £700,000 (before expenses) through an oversubscribed institutional placing of 7,777,776 new ordinary shares (the "Placing Shares") at a price of 9p per share (the "Placing").
The proceeds from the Placing will supplement the Company's existing cash resources in funding the near-term working capital requirements of the Company and its ongoing projects, and to strengthen the Company's balance sheet in light of the recently announced Romanian VAT liability, as notified on 27 September 2011.
The Placing is being effected under the Company's existing share authorities, and the Placing Shares represent approx 5.6% of the enlarged issued share capital of the Company following completion of the Placing.
Application has been made for the Placing Shares to be admitted to trading on AIM and admission is expected at 8.00 am on 31 October 2011.
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 137,855,504 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 FSA's Disclosure and Transparency Rules.
Hugh Mackay, CEO of Europa, said "We are pleased at the ongoing support of the market for the Company, as evidenced by the level of interest in this fundraising, and we intend to deploy these funds to continue to build on the progress the Company has made over the last few months."
Further information:
Europa Oil & Gas Tel: +44 1235 553 266
Hugh Mackay / Phil Greenhalgh
finnCap Tel: +44 20 7220 0500
Sarah Wharry / Henrik Persson, Corporate Finance
Joanna Weaving, Corporate Broking
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