Victoria Oil & Gas PLC - London-based domestic energy supplier in Africa - Says following September 10 general meeting, draws down convertible B loan notes in full, as per its financing agreement with Hong-Kong-based Meridian Capital HK Ltd announced on June 18.
In June, announces subsidiary Gaz du Cameroun SA agrees with Meridian Capital to raise a maximum of USD7.5 million through the issue of unsecured loan notes. The proceeds to be utilised for general working capital purposes, including long lead Items for the proposed well on the Matanda licence, offshore Cameroon.
"We are once again highly appreciative of our major shareholder backing our efforts to deal decisively with legacy issues and move the company forward," says Chief Executive Roy Kelly.
Current stock price: 3.55 pence
Year-to-date change: down 16%
By Josie O'Brien; josieobrien@alliancenews.com
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