The placing was oversubscribed, VOG highlighted, with new and existing investors taking up shares.
It means the company will bring in gross proceeds of £7.72mln of gross proceeds, ahead of the initial target of £6.5mln, and, that VOG’s largest shareholder YF Finance will subscribe for £5.85mln of new shares, rather than £6.1mln, for the company to raise an aggregate of £13.57mln.
"We are very pleased with the results of the fundraising and would like to thank our investors for their participation,” said Ahmet Dik, VOG chief executive.
“The capital raised will allow VOG to significantly strengthen its financial position whilst allowing management to focus on the development and expansion of its operations and customer base in Cameroon."
The fundraising will be conditional upon shareholder approval at a general meeting, which is expected to take place on 3 April.
It is anticipated that the new shares will subsequently be admitted to trading on AIM by April 4.