Victoria Oil & Gas to raise £12.6m; replace executive chairman
Source - SMW
Cameroon-focused Victoria Oil & Gas launched a share issue to raise £12.6m to 'strengthen its financial position'.
The raising included a share subscription by largest shareholder YF Finance to raise £6.5m
A further £6.1m would be raised via a placing to institutional investors.
New shares in the company would be issued at 13p each.
On completion of the raising, executive chairman Kevin Foo would stand down and be replaced by current senior director Roger Kennedy.
'The fundraising will strengthen the company's financial position and provide the necessary support for the new board and senior Management to take the company to the next level,' chief executive Ahmet Dik said.