Baraka Delays Share Placement

Baraka Petroleum Limited said that its proposed capital raising through lead manager Royal Bank of Canada (RBC) and co-manager Paterson Securities Limited, announced on May 17 and approved by shareholders on June 15, has been postponed.

Following consultation with RBC and Paterson concerning the weakening market conditions, Baraka's board decided to delay the proposed capital raising to later in the year. The Perth-based company and its advisers will closely monitor the conditions in the Australian and overseas markets with a view to identifying a more opportune time to complete the raising.