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Victoria Oil & Gas to raise 5.3m

Natural resources firm Victoria Oil &amp; Gas said yesterday it is to raise &pound;5.3m before expenses via a two-tranche equity placing, to fund production at its Logbaba gas and condensate project in Cameroon. The Aim-listed firm has placed 100m new ordinary shares at 3p each and is seeking shareholder approval to place a further 76.6m shares at the same price in the future. It has also doubled its standby equity distribution agreement with YA Global Master SPV from &pound;5m to &pound;10m.<br />