Victoria Oil & Gas, Cameroon-based gas and condensate producer and distributor, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of US$7.5mn through the issue of unsecured loan notes
The proceeds of the facility will be utilised for general working capital purposes, including long lead items for the proposed well on the Matanda licence.
Roy Kelly, CEO, Victoria Oil & Gas, commented, “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.”
Meridian, owned equally by Askar Alshinbayev and Yevgeniy Feld, is an associate of Askar Alshinbayev and YF Finance Limited and they are all deemed to be acting in concert as defined in the Code (collectively, the "Concert Party").
Victoria Oil & Gas Plc will apply to the Panel for a waiver from the obligation for the Concert Party to make a general offer that would otherwise arise as a result of the issue of the Ordinary Shares in the event that the Concert Party were to convert the B Loan Notes in full, subject to the approval, on a poll, of independent shareholders (the "Whitewash Resolution"). Accordingly, with the consent of the Panel, the Whitewash Resolution will be proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which will be set out in the Circular to be distributed to shareholders shortly.
