OREANDA-NEWS. Grupa LOTOS S.A. has published today, the prospectus prepared in connection with a rights issue by way of a public offering. Proceeds from the issue will be used to finance the project EFRA i.e. the construction of delayed coking unit with accompanying infrastructure and development of gas fields B4 / B6 on the Baltic Sea. The issue price was set at PLN 18.10 for a gross amount of approximately PLN 995.5 million. The November 14, 2014 is the last day of listing on which the acquisition of the existing shares in a WSE trading session would allow for the acquisition of the Pre-emptive Rights.

Acquisition of the new shares in the exercise of pre-emptive rights was declared by the Polish State Treasury.

According to the prospectus of the Company approved by the Polish Financial Supervision Authority on November 7, 2014, proceeds from the issue will be used to finance the project EFRA i.e. the construction of delayed coking unit with accompanying infrastructure and development of gas fields B4 / B6 on the Baltic Sea.

- The rights issue will give Grupa LOTOS flexibility in financing of its investment projects. The investments will strengthen the company's competitive position in the downstream segment, simultaneously supporting further growth in the upstream segment - Pawel Olechnowicz, Grupa LOTOS Chief Executive Officer said. - The aim of the EFRA project is to increase our refining margin by extending the technological process via enhanced processing of heavy petroleum fractions. The projects in the Baltic Sea support our expansion in upstream.