Baraka seeks $45.5m with placements Sydney - Wednesday - May 17:...

Baraka seeks $45.5m with placements

Sydney - Wednesday - May 17: (RWE Australian Business News) -
Baraka Petroleum Ltd (ASX: BKP) has engaged Royal Bank of Canada (RBC)
to act as lead manager for the institutional placement of up to AUD$35
million in ordinary shares of the Company.
As part of the transaction, Paterson Securities Limited
(Patersons) will co-manage the placement of AUD$10.5 million of Baraka
shares to sophisticated and institutional investors in Australia.
In addition to the placement agreement, RBC will also manage a
facility to purchase up to 50 million maturing escrow shares from Baraka
shareholders released from escrow on 16 May 2006.