Victoria Oil & Gas to raise 5.3m
Natural resources firm Victoria Oil & Gas said yesterday it is to raise £5.3m before expenses via a two-tranche equity placing, to fund production at its Logbaba gas and condensate project in Cameroon. The Aim-listed firm has placed 100m new ordinary shares at 3p each and is seeking shareholder approval to place a further 76.6m shares at the same price in the future. It has also doubled its standby equity distribution agreement with YA Global Master SPV from £5m to £10m.