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Notice of General Meeting
Europa has raised total gross proceeds of approximately £1.4 million by the issue of 20,000,000 New Ordinary Shares pursuant to the Firm Placing and 2,630,000 New Ordinary Shares pursuant to the Conditional Placing at an issue price of 6 pence per New Ordinary Share.
Furthermore, it proposes to raise up to a further £2.0 million by the issue of up to a further 34,147,170 New Ordinary Shares pursuant to the Open Offer at an issue price of 6 pence per New Ordinary Share.
Highlights:
– Firm Placing and Conditional Placing to new and existing institutional investors to raise gross proceeds of £1.4 million.
– Open Offer to Qualifying Shareholders to raise gross proceeds of up to a further £2.0 million
– Directors have undertaken to make applications to subscribe, in aggregate, for 449,332 Open Offer Shares to raise £26,960.
The Fundraising is being undertaken to provide requisite financing for Europa’s near-term work programme, including:
– funding the Company’s contribution to expected startup costs of production at its new discovery, Wressle;
– seismic acquisition activities on any licences awarded to Europa in the 14th UK onshore licensing round; and
– funding for Europa’s 15 per cent. equity share of general and administration costs on its Irish Atlantic Margin licences in the Porcupine Basin.
– The Company has received advanced assurance from HMRC that the Firm Placing Shares, the Conditional Placing Shares and the Open Offer Shares will satisfy the requirements for tax relief under EIS and VCT Schemes.
Europa’s CEO Hugh Mackay said:
“We are pleased at the support from existing and new institutional investors in the Firm and Conditional Placing and we are also providing all existing Qualifying Shareholders with an opportunity to participate in the Open Offer at the same issue price offered to the institutions. We are seeking to grow our licence holdings in onshore UK and offshore Ireland and the funds raised will enable Europa to undertake new exploration investment as well as funding work on existing projects such as the Wressle oil and gas discovery in PEDL 180. We look forward to the coming months with excitement and confidence.”
Further information
The Conditional Placing is conditional upon, inter alia, the Company obtaining approval from its Shareholders to grant the Board authority to allot the Conditional Placing Shares and to disapply statutory pre-emption rights which would otherwise apply to the allotment of the Conditional Placing Shares. Accordingly, a General Meeting is being convened for the purpose of considering Resolutions which, inter alia, will give the Directors the necessary authorities to allot the Conditional Placing Shares.
The Board is mindful of and grateful for the continuing support received from Shareholders, and accordingly is offering Qualifying Shareholders the opportunity to participate in the Fundraising by way of the Open Offer to issue up to 34,147,170 New Ordinary Shares to Qualifying Shareholders. A Circular to Shareholders, setting out full details of the Open Offer and the actions to be taken by Qualifying Shareholders in respect of the Open Offer, is expected to be published later today. The Open Offer is not being underwritten and is not conditional on the Placings.
Qualifying Shareholders subscribing for their full Basic Entitlement under the Open Offer will also be able to request additional Open Offer Shares in accordance with the Excess Entitlement, up to the total number of Open Offer Shares available to Qualifying Shareholders pursuant to the Open Offer.
The Board considers the Fundraising to be in the best interests of the Company and Shareholders as a whole, and certain Directors intend to make applications to subscribe for in aggregate 449,332 Open Offer Shares, including Excess Entitlements, in the Open Offer in respect of their Ordinary Shares in the Company. The Directors also unanimously recommend Shareholders to vote in favour of the Resolutions, as they will do in respect of their Ordinary Shares in the Company, representing 14 per cent. of the Existing Ordinary Shares.
Application has been made to the London Stock Exchange for 20,000,000 Ordinary Shares arising from the Firm Placing to be admitted to trading on AIM. It is expected that Admission of the Firm Placing Shares will occur at 8.00 a.m. on 10 July 2015.
Application has also been made to the London Stock Exchange for 2,630,000 Ordinary Shares arising from the Conditional Placing and up to 34,147,170 Ordinary Shares arising from the Open Offer to be admitted to trading on AIM. It is expected that Admission of the Conditional Placing Shares and the Open Offer Shares will occur at 8.00 a.m. on 24 July 2015.
