Bell Potter Securities' equities desk has launched an after-market raising for African oil and gas play FAR Ltd.
The broker is seeking buyers for 819 million new shares to raise about $45 million.
The raising, to be done via a placement of new shares, was at 5.5¢ a share or a slim 1.8 per cent discount to its closing price on Tuesday.
Funds raised were to put towards its 15 per cent stake in the SNE Field development project in Senegal and for preparatory work for its 2020 drilling program, according to terms sent to potential investors.
Bell Potter launched the deal late on Tuesday and was seeking bids by 4pm on Wednesday.
FAR Ltd had a $305.8 million market cap as at its last close.
https://www.copyright link/business/energy/far-raising-45m-for-offshore-senegal-drilling-program-20190430-p51iqr
