12th Apr 2007 14:31
Victoria Oil & Gas PLC12 April 2007 Victoria Oil & Gas Plc 12 April 2007 Issue of £7.25 Million Convertible Bonds • Private placement of £7.25 million of Secured Guaranteed Convertible Bonds due 2009 further to the £11.5 million issued in October 2006 (the "Bonds") • Proceeds to be used for the Company's on-going exploration and development programmes in Russia and Kazakhstan Victoria Oil & Gas Plc ("Victoria" or the "Company")(AIM:VOG) announces todaythe issue of a further £7.25 million Secured Guaranteed Convertible Bonds (the"Further Bonds") The Further Bonds were issued under the same terms as thoseannounced on 17 October 2006. The placement of these Further Bonds was managed by Jefferies InternationalLimited ("Jefferies") acting as Sole Placement Agent and brings the total amountof Bonds issued by Victoria to £18.75 million. The Company was also granted aput option by the subscriber of the Further Bonds to issue the remaining £1.25million Bonds. Proceeds of the Further Bonds will be used to finance theCompany's exploration and production programmes at its assets in Russia andKazakhstan. The Company has issued a warrant over around 1.3 million ordinary shares toJefferies as part of their arrangement fee for the Bonds issued to date (the"Warrant"). The Warrant expires on 11 April 2010. Commenting today, Chief Executive Officer Tony Porter said, "With criticalperiods fast approaching at both our major assets, strengthening our financialposition has been a priority. To have secured this additional funding is a greatboost to the Company." For further information please contact: Kevin Foo / George Donne Ed Portman / Laurence ReadVictoria Oil & Gas Plc Conduit PR+44 (0)207 921 8820 +44 (0)207 429 6605 +44 (0)7979 955 923Toby Hayward/Oliver GriffithsJefferies International+44 (0)207 618 3500 Important Note This press release is not an offer for sale of any securities in the UnitedStates. Neither the Bonds nor the shares issuable on conversion of the Bondsmay be offered or sold within the United States, or to or for, the benefit of USPersons (as defined in Regulation S under the US Securities Act 1933 as amended)absent registration or an exemption from registration. No offering of the Bondswill be made in the United States, or to or for, the benefit of US Persons (asdefined in Regulation S under the US Securities Act of 1933 as amended). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VOG.L