Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Victoria Oil & Gas, owner of Gaz due Cameroun, a significant domestic energy supplier in Africa, has today announced that it has entered into a definitive financing agreement with Meridian Capital to raise maximum proceeds of $7.5 million.
The fundraising will be issued through unsecured loan notes and the proceeds will be used for general working capital purposes.
The financing will involve two series of loan notes with a total principle amount of $3.3 million, and an interest of 10% per annum accruing daily from the issue date.
In addition, the funds will run on a two-year term with early redemption permitted at no additional cost.