FAR Ltd launches equity raising, Bell Potter on ticket
Sarah Thompson, Anthony Macdonald and Tim Boyd
Dec 10, 2019 — 9.47am
As foreshadowed by Street Talk, Senegalese oil play FAR Ltd has launched a $146 million equity raising.
The conditional placement was priced at 4.25¢ a share, which represented a 12 per cent discount for FAR's five day volume-weighted-average-price, according to terms sent to funds.
The placement was subject to a shareholder vote in January and receipt of a credit approved term sheet for an underwritten US$350 million senior debt facility by the end of the year.
FAR's shares last closed at 5.4¢.
Bell Potter was lead manager on the raising and was calling for bids by 2pm on Wednesday.
In addition to the $146 million placement, FAR was looking to raise up to $30 million via a share purchase plan, funds were told. Eligible shareholders could subscribe for up to $30,000 worth of shares, offered at the placement price.
The $339 million FAR would use the equity to fund phase one of the Sangomar oil field, in Senegal.
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