Issue of Shares in Lieu of cash payment to a supplier and bonus awards to employees
Victoria Oil & Gas Plc announces that a total of 5,386,729 new Ordinary Shares of 0.5p have been issued by the Company in respect of the following:
- a total of 4,814,815 Ordinary Shares to a supplier in lieu of cash payment to be subscribed at 29.97 pence per share, being the volume weighted average share price for five working days preceding 6 June 2018, the date of the settlement offer from the Group.
- a total of 571,914 Ordinary Shares for bonus awards made to certain employees of the Group for the year ended 31 December 2017. The bonus awards are subscribed at 29.97 pence per share, being the volume weighted average share price five working days preceding 6 June 2018. Directors were not granted bonus awards.
An application has been made to the London Stock Exchange for the admission of the new Ordinary Shares to trading on AIM (“Admission”). Admission is expected to become effective and dealings in the new Ordinary Shares are expected to commence at 8.00 a.m. on 10 July 2018. Following Admission, the Company will have 150,446,457 Ordinary Shares in issue.
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