FAR Equity Raise, page-44

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.