23rd Jul 2015 08:59
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Thursday said it has raised just over GBP1 million from its open offer after it managed to secure acceptance for about half the shares it proposed issuing.
The Europe-focused oil and gas company said it has raised GBP1.04 million after it managed to secure acceptance for 17.4 million of the GBP34.1 million shares it had proposed issuing under its open offer. The shares were issued at 6 pence per share. Europa shares were up 2.3% to 6.14 pence on Thursday.
The funds will be used to back the development of its existing portfolio.
"I am delighted by the support shown by our existing shareholders via the open offer. We view this as a vote of confidence in the potential of our existing portfolio of projects and also the progress we have made to date in realising their inherent value," said Hugh Mackay, Europa's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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