Business
Placing, Change of Adviser &
Placing, Change of Adviser &.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n RNS Number : 3628U Europa Oil & Gas (Holdings) PLC 14 October 2010 \n\nEuropa Oil & Gas (Holdings) Plc\n(\"Europa\" or the \"Company\")\n \nPlacing of New Shares & Change of Adviser\nDirectors Dealing\n \n· Placing to raise approximately £1.5 million to fund near term drilling\n· finnCap appointed as Nomad & Broker\n \nEuropa Oil & Gas (Holdings) Plc, the oil and gas explorer and producer, announces that it has raised approximately £1.5m before expenses through an institutional placing (the \"Placing\") of 13,360,810 new ordinary shares of nominal value of 1p each in the Company (together the \"Placing Shares\") at a price of 11.5p per ordinary share (the \"Placing\"). \n \nThe proceeds from the Placing will be utilised to bridge the shortfall between oil revenue and capital expenditure to allow for further drilling at West Firsby (as outlined in the Company's announcement of 20 September 2010) and at the Barchiz-1 well (as per the Company's announcement of 9 September 2010), in addition to funding ongoing working capital requirements for the Company's other prospects.\n \nThe Placing has been performed under existing share allotment authorities, and the Placing Shares equate to approx 14% of the enlarged issued share capital of the Company following completion of the Placing. \n \nApplication has been made for the Placing Shares to be admitted to trading on AIM and admission is expected at 8.00 am on 18 October 2010.\n \nFollowing 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 95,567,397 ordinary shares (\"Enlarged Issued Share Capital\"). 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. \n \nThe Company is also pleased to announce the appointment of finnCap Ltd (\"finnCap\") as Nominated Adviser and Broker with immediate effect.\n \nErika Syba, the wife of Paul Barrett, has agreed to subscribe for 173,910 Placing Shares under the Placing. Following the Placing, Paul Barret...