Continental Focus, International Reach

VOG Raising Funds

Thursday, March 7, 2019

Victoria Oil & Gas (VOG) is in the midst of a fundraising venture. The company is looking to raise around £12.6 million. The company has entered into a conditional agreement for a subscription of 50,000,000 new Ordinary Shares, at an issue price of 13 pence per share, by YF Finance to raise £6.5 million, before expenses.

YF Finance is the company’s largest shareholder and is currently interested in 11,085,239 ordinary shares, representing approx. 7.37% of the company’s existing issued share capital.  YF Finance is wholly owned by Askar Alshinbayev and has investments in several other international oil & gas companies.

In addition, it is seeking to raise an additional £6.1 million, before expenses, by way of a proposed placing to certain new and existing institutional and sophisticated investors via its joint brokers, Shore Capital Stockbrokers and FirstEnergy Capital, at the Issue Price. The maximum targeted amount for the fundraising, comprising the Subscription and the Placing, is approx. £12.6 million (approx. $16.5 million). The Subscription is not conditional on any minimum amount being raised in the Placing.

The Placing is being conducted as an accelerated book build process which will open with immediate effect.

The Fundraising is subject to the requisite shareholder approval and, accordingly, the issue of the New Ordinary Shares is conditional on, inter alia, the passing of certain resolutions by Shareholders at a duly convened general meeting of the Company, notice of which, together with full details of the Fundraising, will be set out in the circular to be posted to Shareholders shortly.