Investors in Europa Oil & Gas, the company behind plans for gas drilling and lower-volume fracking at Burniston, have approved resolutions to issue more shares and warrants. Announcement

After a general meeting, Europa said it would apply to admit more than 345 million new shares to the AIM stock market. This increases the company’s total number of voting ordinary shares to more than 1,316 million.

The company also announced it would issue more than 86 million warrants.

Europa previously said the share placing would raise £3.5m. The money would be used to drill a well in Equatorial Guinea and meet “ongoing working capital needs”, the company said.

An earlier company statement warned that if the share placing were not approved “there would be a material uncertainty over the company’s ability to continue as a going concern.”