Fox-Davies Capital is agent for deal; offer funds Logbaba Gas Project
By Devika Patel
Knoxville, Tenn., Nov. 16 - Victoria Oil & Gas plc said it completed a private placement of shares through agent Fox-Davies Capital Ltd.
The company sold 183,708,612 ordinary shares at 4.9p per share for £9 million. The price per share represents a 6.99% premium to the Nov. 15 closing share price of 4.58p and a 12% discount to the five-day volume weighted average price of the stock at the close of business on Nov. 15.
The company also said it has drawn down £1.8 million under its existing standby equity distribution agreement with YA Global Master SPV Ltd. and issued 40,322,581 shares based on a weighted average market price of 4.8p per share.
Proceeds will be used to bring forward the expansion phase of the Logbaba Gas Project, Cameroon, to extend the pipeline to the South Eastern and South Western areas of Douala and to facilitate ongoing working capital requirements until Logbaba first gas sales scheduled for the first quarter of 2011.
"We are pleased with the level of support shown by investors in this equity financing," Victoria chairman Kevin Foo said in a press release. "The company is now well capitalized as we move to commence production from the Logbaba project early in the new year.
"The company is continuing to sign up gas customers and we remain optimistic that the appropriate licenses will be awarded in the near future to enable the company to satisfy the ever-increasing demand for liquids and natural gas in Cameroon."
Victoria, based in London, is an oil and natural gas exploration company.
| Issuer: | Victoria Oil & Gas plc
|
| Issue: | Ordinary shares
|
| Amount: | £9,001,722
|
| Shares: | 183,708,612
|
| Price: | 4.9p
|
| Warrants: | No
|
| Agents: | Fox-Davies Capital Ltd.
|
| Settlement date: | Nov. 16
|
| Stock symbol: | London: VOG
|
| Stock price: | 5.44p at close Nov. 16
|
| Market capitalization: | £124.36 million
|
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