Continental Focus, International Reach

VOG Bookbuild a Success

Monday, March 11, 2019

Victoria Oil & Gas’ (VOG) bookbuild was a success and is now closed. The company said that in order to satisfy demand from investors, but without causing undue dilution to existing Shareholders, VOG has, with YF Finance’s approval, increased the size of the Placing and the overall Fundraising while YF Finance has agreed to reduce slightly the size of the subscription.

The company has successfully placed 59,357,488 new Ordinary Shares at an Issue Price of 13 pence per share, raising gross proceeds of £7.72 million. Together with the reduced number of 45,000,000 Subscription Shares agreed to be subscribed for by YF Finance, amounting to a subscription value of £5.85 million, the Company has successfully conditionally raised gross proceeds of, in aggregate, £13.57 million from the Fundraising.

The Placing was oversubscribed and was supported by existing as well as new Shareholders and was conducted by way of an accelerated bookbuild process. GMP FirstEnergy and Shore Capital acted as joint bookrunners and brokers in relation to the Placing, whilst Strand Hanson acted as Nominated & Financial Adviser, in relation to the Fundraising.

Ahmet Dik, CEO of VOG, commented “We are very pleased with the results of the Fundraising and would like to thank our investors for their participation. The capital raised will allow VOG to significantly strengthen its financial position whilst allowing management to focus on the development and expansion of its operations and customer base in Cameroon.”