Victoria Oil & Gas plc (VOG) said it aimed to raise $7.5 million (£5.5m) with a financing agreement for its onshore gas operations in the port city of Douala in Cameroon.
MERIDIAN CAPITAL
The company’s wholly owned subsidiary, Gaz du Cameroun S.A. entered into a definitive financing agreement with Meridian Capital (HK) Ltd to raise the funds through the issue of unsecured loan notes.
The proceeds will be for general working capital purposes, including long lead items for the proposed well on the Matanda licence.
Meridian (owned by Askar Alshinbayev and Yevgeniy Feld) is an associate of Askar Alshinbayev and YF Finance Ltd (a company controlled by Mr Alshinbayev) and they are all deemed to be acting in concert.
The concert party holds 60,913,330 ordinary shares of £0.005 in VOG’s share capital representing 23.7% of the issued share capital of the company.
PROGRESS
“We are delighted and appreciative that our major shareholder is backing our efforts to resolve legacy issues and increase our working capital,” said chief executive Roy Kelly.
“The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in.”