Business
Placing of shares & directors' dealings
Placing of shares & directors' dealings.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 2720J Europa Oil & Gas (Holdings) PLC 28 June 2011 \n\nEuropa Oil & Gas (Holdings) Plc\n(\"Europa\" or the \"Company\")\n \nPlacing of New Shares to raise approximately £2.1 million to fund near term work programme and Directors' Dealing\n \n \nThe Company is pleased to announce that it has conditionally raised approx £2.1 million, before expenses, by way of a placing of 16,170,998 new ordinary shares at a price of 13p per share (the \"Placing Shares\") (the \"Placing\"). Further details of the Placing are set out below.\n \nIn addition, the Company intends to enter into a agreements with YA Global Master SPV (\"Yorkville\") under which the Company will issue a $1.6 million (approx £1 million) loan note to Yorkville (the \"Loan Note\") and under which Yorkville will provide a £5 million Standby Equity Distribution Agreement (\"SEDA\"). Yorkville is an investment fund managed by Yorkville Advisors UK LLP. Further details of the Loan Note and SEDA are described below.\n \nThe Company will send a circular to shareholders today convening a general meeting for 15 July 2011 at which the Company will seek the authority of shareholders, to provide the Directors with authority to allot and issue new ordinary shares and/or rights to subscribe for or convert any security into ordinary shares and to disapply pre-emption rights in relation to the Placing Shares and otherwise. The Company is also seeking to update its Articles of Association following the final stage in the implementation of the Companies Act which took place on 1 October 2009. \n \nReasons for the Placing and use of Proceeds\n \nEuropa operates exploration, production and appraisal assets across three core EU jurisdictions, namely, the UK, France and Romania. The Company has plans for an active work programme, using the proceeds of the Placing and the Loan Note, in the UK and Romania as described below.\n \nUnited Kingdom\n \nThe Company's oil production assets at Crosby Warren near Scunthorpe continue to produce between 35 bopd and 50 bopd. The Company intends to undertake a hydraulic fracture stimulation (frac) of the producing reservoir in the Crosby Warren-1 well in order to improve oil inflow performance. The well responded extremely positively to an initial frac s...