Funds allow FAR to maintain interest in Kenyan Block L6 and Block L9
By Devika Patel
Knoxville, Tenn., March 29 - FAR Ltd. said it negotiated a A$12.04 million private placement of stock. Hartleys Ltd. is the agent.
The company will sell 280 million shares at A$0.043 per share. The price per share is a 14% discount to the March 28 closing share price of A$0.05.
Proceeds will allow FAR to maintain its equity interest in Kenyan Block L6 and Block L9, close to a string of recent major offshore gas discoveries.
The company also said it plans a A$3 million share purchase plan.
FAR is an oil and gas exploration company based in Perth, Australia.
| Issuer: | FAR Ltd.
|
| Issue: | Shares
|
| Amount: | A$12.04 million
|
| Shares: | 280 million
|
| Price: | A$0.043
|
| Warrants: | No
|
| Agent: | Hartleys Ltd.
|
| Pricing date: | March 29
|
| Stock symbol: | Australia: FAR
|
| Stock price: | A$0.05 at close March 28
|
| Market capitalization: | A$59.59 million
|
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