European Goldfields sells shares to fund local projects

Canadian company European Goldfields, which holds 80% of the gold mine in Certej, raised 120 million Canadian dollars (112 million US dollars) following a share offering, which will be used to develop activities in Romania and Greece, the company announced. The offering generated 12 million Canadian dollars in profits for the company, and 15 million Canadian dollars for the shareholder who sold the stake. The remaining three million shares are part of a secondary share issue conducted under the same terms used for the treasury shares. The company has not derived any profit from the secondary offering. European Goldfields offers investors the opportunity to acquire 3.6 million supplementary shares for 30 days after the end of the offering, in order to cover oversubscriptions and stabilise the transactions with its own shares. The new shares were scheduled to trade on the Toronto Stock Exchange on June 26th, whilst the first transactions on the AIM market, operated by the London Stock Exchange, were scheduled to begin on June 27th.