UK-based energy utility company Victoria Oil & Gas PLC has entered into a subscription agreement to bag about 12.6 million pounds ($16.5 million) in fundraising.
Victoria Oil & Gas inked a subscription contract for 50 million shares, at $0.17 each, to be acquired by its largest shareholder, YF Finance Ltd. for $8.5 million.
Moreso, Victoria Oil & Gas is also seeking to nab further $7.9 million via a share placing at the same conditions.
UK-based Shore Capital Stockbrokers Ltd., a subsidiary of Shore Capital Group Ltd., and FirstEnergy Capital LLP will conduct the offering via an accelerated bookbuild.