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About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR\nINDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A\nVIOLATION OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.\n\n20 December 2013\n\n Europa Oil & Gas (Holdings) plc(`Europa' or `the Company')\n Open Offer \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,\ndevelopment and production company focused on Europe, is pleased to announce\nthat, further to its announcement of 16 December 2013 (the `Announcement'), it\nwill today post to Shareholders the Circular setting out full details of the\nOpen Offer and the Application Form.\n\nUnless otherwise stated, terms and expressions defined in the Circular (which\nare replicated at the end of this Announcement) have the same meaning in this\nAnnouncement.\n\nIntroduction\n\nOn 16 December 2013, Europa announced that it had conditionally raised £2.86\nmillion (before expenses) by the issue of 47,694,665 New Ordinary Shares\npursuant to the Placing. The Company also announced that it proposed to raise\nup to a further £1.16 million (before expenses) by the issue of up to a further\n19,332,855 New Ordinary Shares pursuant to the Open Offer, giving a total\nFundraising of up to approximately £4.02 million. Certain Directors have\nundertaken to make applications to participate in the Open Offer to subscribe\nfor in aggregate, 2,666,665 Open Offer Shares to raise approximately £0.16\nmillion.\n\nThe Fundraising has been undertaken to provide funding for Europa's near-term\nwork programme and projects. In particular, the proceeds of the Placing of £\n2.86 million, alongside the commitments of certain Directors to participate in\nthe Open Offer amounting to, in aggregate, a further £0.16 million, will be\nused to fund the Company's contribution to expected drilling of an exploration\nwell at Kiln Lane, PEDL-181, and to further its work in Ireland, including the\ncommissioning of a CPR on its existing assets in the region. The balance of the\nproceeds of the Open Offer will provide further funding for the Company's work\nprogramme, as well as additional funds for progressing a range of other\nprojects and activities. Further details on the background to and the reasons\nfor the Fundraising, and the use of the Fundraising proceeds can be fo...