The Placing is conditional upon, inter alia, First Admission becoming effective on 9 January 2014 or such other date as may be agreed between the Company and finnCap, such date to be no later than 31 January 2014.
The fundraising has been undertaken to provide funding for Europa’s near-term work programme and projects, including funding the Company’s contribution to expected drilling of an exploration well at Kiln Lane, PEDL-181, and to further its work in Ireland, including the commissioning of a CPR on its existing assets in the region.
Europa Oil and Gas CEO Hugh Mackay said, "This successful Placing shows the potential of our balanced portfolio of high impact exploration offshore Ireland and onshore France prospects; and low risk exploration and production onshore UK assets, to create substantial value for our shareholders.. In line with this, I am encouraged that some blue chip institutions have chosen to become shareholders."
"The Board is at all times mindful of its responsibilities to existing shareholders and as a result, the decision has been made to initiate an Open Offer to Qualifying shareholders to provide them with the opportunity to participate on the same terms as those offered to the institutions under the Placing," Mackay added.
