Africa-focused oil and gas explorer FAR will raise A$45-million through a share placement to sophisticated and institutional investors, to fund its ongoing interest in the SNE field development, offshore Senegal.
The company would be placing more than 818.8-million shares, at a price of 5.5c each, representing a 1.8% discount to FAR’s last closing price on April 30, and a 4.9% discount to its 30-day volume weighted average share price.