Petroleum Africa
Find us on: 
Sunday, April 9, 2017
FAR Ltd. successfully completed its share placement to raise funds. The placement was fully-underwritten to institutional and sophisticated investors to raise $80 million before expenses by issuing 1,000 million shares.
The placement price of 8.0 cents per share represents a 4.8% discount to FAR’s last close share price at April 4 of 8.4 cents and a 3.5% discount to the volume weighted average share price for the five trading days ended April 4.
Upon completion of the placement, the placement shares represented approximately 18.3% of the enlarged share capital of the company, which will have 5,461,532,458 ordinary shares on issue. The placement shares, when issued, will rank equally in all respects with the existing ordinary shares.
FAR will issue the shares in two tranches, the first tranche to raise approximately $54 million is unconditional and settlement is expected to occur on April 10 with normal trading to occur on April 11.
The second tranche for the balance of approx. $26 million is subject to ASX Listing Rule 7.1 shareholder approval that is intended to be considered by shareholders at a general meeting, expected to be held on or around May 15. Settlement of the second tranche is expected to occur on May 18 with normal trading to occur on May 19. Credit Suisse is acting as Financial Adviser to FAR, and the placement is being underwritten by Credit Suisse and RBC Capital Markets as Joint Lead Managers.
The proceeds from the placement will be used to fund FAR’s continued participation in the drilling, evaluation and pre-development program offshore Senegal, the anticipated acquisition and exploration of Blocks A2 and A5 in The Gambia, and general corporate purposes.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
