The Directors of Victoria Petroleum N.L. (“VPE”) announce a Share Purchase Plan (“SPP”) to be offered to all Shareholders of the Company. Ordinary fully paid shares will be offered to VPE shareholders at an issue price of 2.5 cents each, which represents a 7.4% discount to the closing price for VPE shares on the ASX today, 11 July 2006.
The SPP enables shareholders at the record date to purchase from $1,000 up to $5,000 worth of shares in VPE at 2.5 cents per share with no associated brokerage costs. Eligible Shareholders may apply for shares to a value of any one of the following amounts of shares in the Company:
Offer A - $1,000 for 40,000 shares (minimum amount)
Offer B - $2,000 for 80,000 shares
Offer C - $4,000 for 160,000 shares; and
Offer D - $5,000 for 200,000 shares (maximum amount)
The record date for participation in the SPP is 24 July 2006. The SPP is not underwritten and is nonrenounceable. The closing date for acceptance of the offer is 14 August 2006. Documentation will be despatched to eligible shareholders on or about 25 July 2006.
Funds raised by the SPP will be used to fund the Company’s ongoing exploration and development programmes within Australia and the USA.
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