Successful Completion of AU$45 million Capital Raising

Source: www.gulfoilandgas.com 5/2/2019, Location: Africa

FAR Limited is pleased to announce a placement to institutional and sophisticated investors to raise approximately AU$45 million before expenses by issuing 818,854,544 million shares.

The proceeds from the Placement (after costs) will be used to fund FARís ongoing interest in the SNE Field development, preparatory work for the proposed 2020 drilling program, Australian seismic and processing costs, and general corporate purposes.

The Placement price of 5.5 cents per share represents a 1.8% discount to FARís last closing share price on 30th April 2019 of 5.6 cents and a 4.9% discount to the volume weighted average share price for the 30 trading days ended 30th April 2019.

Upon completion of the Placement, the Placement shares will represent approximately 13% of the enlarged share capital of the company, which will have 6,280,387,002 ordinary shares on issue. The Placement shares, when issued, will rank equally in all respects with the existing ordinary shares.

Settlement of the Placement shares is expected to occur in two tranches with the first tranche settling on Tuesday, 7 th May 2019 of AU$38.9 million with normal trading to occur on Wednesday, 8 th May 2019. We will inform the market once settlement of the second tranche of AU$6.1 million has been completed.

FAR thanks Bell Potter Securities Limited for their management and bookrunning services Shareholder approval for the shares issued pursuant to the Placement is not required as the Placement shares are being issued within FAR's existing placement capacity under Listing Rule 7.1.

For more information about related Opportunities and Key Players visit West Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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