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Senegal: FAR seeks $120m via equity raising
Australia’s FAR has announced plans for an equity raising to generate funds for its share of the Sangomar oil field development. A share placement aims to raise A$146m (US$99m) at A$0.0425/share, while FAR will also conduct a share purchase plan with existing shareholders to raise up to A$30m more at the same price. The placement price represents a 21.3% discount to FAR’s last closing price on 9 December of A$0.054 and a 12% discount to the five-day volume weighted average price of its shares.
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