Victoria Oil & Gas Completes Placing
Victoria Oil & Gas has completed the placing of 16,845,063 new ordinary shares of 0.5 pence each in the Company with institutional and other investors at a price of 78 pence per share. The placing was two and a half times over-subscribed and raised approximately £13.1 million before expenses.
The Company has allotted conditional on admission 197,333 Ordinary Shares of 0.5p each to employees as part of the employee share compensation program for six months to July 31, 2005 and 500,000 Ordinary Shares of 0.5p each in lieu of cash payment to advisers. These share allotments rank pari passu in all respects with the existing issued Ordinary Shares in the Company. Application has been made to the London Stock Exchange for these shares to be quoted on AIM and it is expected that dealings will commence on December 30, 2005.
Directors have acquired 867,932 Ordinary Shares of the Company. 432,143 Ordinary Shares were acquired at the placing price of 78 pence per share and 34,038 Ordinary Shares were acquired in lieu of salary as part of the employee share compensation program. 401,751 Ordinary Shares were acquired on December 28, 2005 at a price of 105 pence per share.
Chairman Kevin Foo said, 'We are delighted with the successful completion of this important placing, which was over-subscribed and will allow us to maintain momentum on our key projects. The financial commitment made by the Company's employees, Directors and advisers to the placing and in the market reflects the confidence they have in Victoria's future.'
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