Victoria Oil & Gas plc (VOG) has agreed a US$1.15 million unsecured loan note with one of its major shareholders Hadron Master Fund.
TERMS
The company said it had entered into a definitive agreement and will receive the proceeds by 4 April 2022.
VOG will repay 110% of the aggregate loan note principal amount without further interest on the repayment date of 28 February 2023.
The company has granted Hadron warrants over $1.15m at the subscription price in ordinary shares of £0.005.
SUPPORT
“We are very pleased to yet again have the continued support of one of our major shareholders, and moreover such a knowledgeable one,” added chief executive Roy Kelly.
“This funding helps strengthen our balance sheet and improve the working capital of the parent company.”
PROJECTS
VOG’s wholly owned subsidiary, Gaz du Cameroun S.A. is the onshore gas producer and distributor in the port city of Douala in Cameroon.
The company also has an exploration project in Russia, the 100% owned West Medvezhye field, which is fully impaired. VOG is looking for a farm out, joint venture or sale.