Business
Placing and Open Offer
Placing and Open Offer.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n NOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION IN OR INTO THE UNITED STATES OF \n AMERICA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN \n\n16 December 2013\n\n Europa Oil & Gas (Holdings) plc \n\n Placing and Open Offer \n\nHighlights:\n\n * Fundraising to raise up to approximately £4.0 million, of which a minimum\n of approximately £3.02 million has been raised in the Placing and pursuant\n to Directors' undertakings to participate in the Open Offer\n \n * Placing to new and existing institutional investors to raise approximately\n £2.86 million (gross)\n \n * Intention to raise up to a further £1.16 million (gross) via the Open Offer\n to Qualifying Shareholders\n \n * Directors have undertaken to make applications to subscribe, in aggregate,\n for 2,666,665 Open Offer Shares to raise approximately £160,000\n \n * Placing and Open Offer undertaken to provide requisite financing for\n Europa's near-term work programme, including:\n \n * Expected drilling of an exploration well at Kiln Lane, PEDL-181, onshore\n East Midlands, UK\n \n * Furthering its work in Ireland, both in respect of the Company's existing\n interests in two exciting exploration licences, but also participating in\n the next licence round\n \n * Farm-out costs and initial well planning at the Berenx Shallow prospect,\n onshore France\n \n * Full details of the Open Offer, including its terms and conditions, will be\n announced on or around 19 December 2013 and set out in the Circular to\n shareholders to be posted on or around the same date\n \n * Company expects advance assurance, given previously, that the Open Offer\n Shares would satisfy the requirements for tax relief under EIS and VCT\n Schemes (renewed advanced assurance from HMRC is pending)\n \n * Conference call for analysts and investors on Monday 16 December 2013 at\n 11.00 GMT\n \nEuropa is pleased today to announce that it has conditionally raised £2.86\nmillion (before expenses) by the issue of 47,694,665 New Ordinary Shares\npursuant to the Placing and, furthermore, that it proposes to raise up to a\nfurther £1.16 million by the issue of up to a further 19,332,855 New Ordinary\nShares pursuant to the Open Offer, in each case at an issue price of 6 pence\nper New Ordinary Share. The Placing is conditional upon, inter alia, First\nAdmission becoming effective on 9 Jan...