On June 26, 2007, European Goldfields Limited announced that it had completed an offering of 27 million common shares consisting of a treasury offering of 24 million shares and a secondary offering of 3 million shares on the same terms as the treasury offering. The offering was priced at C$5.00 per common share for gross proceeds to the Company of approximately C$120 million to European Goldfields and C$15 million to the selling shareholder. On June 29, 2007, the underwriters exercised an overallotment option to purchase an additional 3.6 million common shares generating gross proceeds to European Goldfields of C$18 million. European Goldfields intends to use the net proceeds of the treasury offering and of the sale of the over-allotment shares for the development of its projects in Greece and Romania, and for general corporate purposes. European Goldfields was advised in this transaction by Al Gourley, Mark Camilleri, Anca Enica, Bozidar Crnatovic and Daye Kaba.