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Successful Completion of FAR Limited's $25m Placement

Source: www.gulfoilandgas.com 10/30/2015, Location: Africa

FAR Limited announces the successful completion of the placement of fully paid ordinary shares (Shares) to institutional and sophisticated investors to raise $25 million, as announced on 23 October 2015 (Placement).

A total of 312,500,000 Shares have been issued under the Placement at an issue price of $0.08 (8 cents) per Share. The Shares issued under the Placement will rank equally with existing shares.

The proceeds from the Placement (after costs) will be primarily used to fund FAR's capital expenditure on its large Senegalese oil discovery including 2 appraisal wells on its SNE discovery in Senegal and a shelf exploration well in Senegal (Bellatrix).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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