Business
Issue of Equity
Issue of Equity.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n19 April 2010\n\n Europa Oil & Gas (Holdings) Plc \n\n ('Europa' or the 'Company') \n\n Placing to raise £1,000,000 \n\nEuropa Oil & Gas (Holdings) Plc, the oil and gas explorer and producer,\nannounces it has conditionally raised £1,000,000 before expenses, through an\ninstitutional placing via its broker Astaire Securities Plc (\"Astaire\") of\n7,142,857 new ordinary shares of nominal value of 1.0p each in the Company\n(together the 'Placing Shares') at a price of 14p per ordinary share (the\n'Placing').\n\nThe proceeds from the placing will be utilised for UK production enhancement\nwork and the forthcoming Voitinel test.\n\nThe Placing has been performed under existing share allotment authorities, and\nthe Placing Shares equate to 8.7% of the enlarged issued share capital of the\nCompany following completion of the Placing.\n\nApplication will be made for the Placing Shares to be admitted to trading on\nAIM. Of the 7,142,857 new ordinary shares being issued, it is expected that\n3,892,857 new ordinary shares will be admitted to trading on 26 April 2010, and\nthe remaining 3,250,000 will be admitted to trading on 4 May 2010. Completion\nof the Placing is conditional, amongst other things, on such admission becoming\neffective.\n\nFollowing admission to trading on AIM of the Placing Shares, which will rank\npari passu in all respects with the existing ordinary shares in issue, Europa's\ntotal issued and voting share capital will comprise 82,206,587 ordinary shares.\nThis figure may be used by shareholders as the denominator for the calculations\nby which they will determine if they are required to notify their interest in,\nor a change to their interest in, securities of the Company.\n\nUnder the placing agreement, Astaire has been issued options to subscribe for\n357,142 ordinary shares, exercisable at 14p, and expiring on 26 April 2012.\n\nPaul Barrett, Managing Director of Europa, said `This modest fundraising will\nsupport our ongoing production and appraisal work in the UK and Romania. The\nDirectors took the prudent decision to bolster the balance sheet in order to\nensure the production work continues apace in a rising oil price environment.\nIn addition, work will continue on maturing the Company's Contingent resource\nbase. The future value of these activities is anticipated to far outweigh\ntoday's min...