12th May 2009 07:00
Victoria Oil & Gas Plc
('VOG' or 'the Company')
(AIM: VOG)
Additional Listing and Amendment to Shareholder Loan
Company draws down £200,000 under its Standby Equity Distribution Agreement
HJ Resources agrees amendment for option to convert its loans to VOG into ordinary shares
Victoria Oil & Gas Plc, the oil and gas company with assets in Cameroon and the FSU, announces that it has drawn down £200,000 of its £5 million Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("YA"), announced by the Company on 2 April 2009. The funds will be used for the development of VOG's Logbaba project in Cameroon.
Under the terms of the SEDA, the Company has allotted, conditional on admission, 5,694,979 ordinary shares of 0.5 pence each in VOG ("Ordinary Shares") to YA at a price of 3.51 pence per share. These shares will rank pari passu in all respects with the existing issued Ordinary Shares in the Company. Application has been made to the London Stock Exchange for these shares to be admitted to AIM and it is expected that dealings will commence on 15 May 2009.
The total issued share capital of VOG following this allotment will be 488,443,685 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury and so the total number of voting rights in the Company is 488,443,685.
The Company is also pleased to announce that HJ Resources Limited ("HJR") has agreed to amend its loans to VOG of US$1 million and £130,000, entered into in December 2008, to incorporate an option to utilise all or part of the proceeds of repayment to subscribe for new Ordinary Shares. HJR is owned by a discretionary trust, of which Kevin Foo and his wife are possible beneficiaries. The subscription price has been set at 3.70 pence per share being the five per cent discount to the volume weighted average price for the five trading days prior to this announcement. The amendment also allows HJR to extend the term of the loans, originally six months, at its sole discretion.
For further information, please contact:
Victoria Oil & Gas Plc - Tel: +44 (0) 20 7921 8820
George Donne / Kevin Foo
Strand Partners Limited - Tel: +44 (0) 20 7409 3494
Simon Raggett / Angela Peace
Fox-Davies Capital - Tel: +44 (0) 20 7936 5220
Daniel Fox-Davies / Oliver Stansfield
Conduit PR - Tel: +44 (0) 20 7429 6607
Jonathan Charles / Ed Portman
Related Shares:
VOG.L