Petroleum Africa
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Tuesday, October 31, 2017
Victoria Oil & Gas (VOG) commented on recent market speculation regarding its undertaking of a potential fundraising. The board confirmed that VOG has been in advanced discussions with a number of investors, regarding a possible placing in order to fund the company’s operational development and working capital. That fundraising structure has now been converted from a traditional placing structure to the accelerated book build process.
VOG is seeking to raise between $20 million to $26 million by way of the Placing and Subscription through the issue of new Ordinary Shares at a minimum price of 57 pence. It is also proposing to raise up to $3.0 million by way of the Open Offer which will be available to all Qualifying Shareholders on the Record Date.
The Fundraising comprises the Placing and Subscription and the Open Offer. A circular will be published setting out the full details, terms and conditions and timetable of the Open Offer.
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