Europa Oil & Gas (Holdings) plc has raised £641,176.89 from its retail offer of 53,431,408 new ordinary shares, each at 1.2 pence, and up to 13,357,852 warrants.
TVRs
The company said it had increased the size of the offer, originally set at £350,000, for existing shareholders.
Europa subsequently had to scale back the offer to avoid dilution of shares, after it was “multiple times oversubscribed”.
Following admission, Europa’s number of ordinary shares with voting rights is expected to be 1,316,139,215.
Funds raised through the retail offer follows £3.5 million conditionally raised on 10 February via a placing of 291,667,000 new ordinary shares.
The issue of the shares is subject to shareholder approval at a general meeting, now expected to take place on or around 3 March 2026.
FUTURE
Europa previously stated it faced an uncertain future if shareholders rejected the £3.5m fundraise.
The funds are needed to retain its interest in investee, Antler Global Ltd. which owns block EG-08 offshore Equatorial Guinea, as well as it other operations onshore UK and offshore Ireland.
The company also announced today the finalisation of EG-08 licence extension of phase one’s first sub-period to 4 October 2026.