Baraka Petroleum Hopes to Raise $12 Million with Share Issue
Australian based oil & gas exploration company Baraka Petroleum Limited (ASX: BKP) has lodged a Prospectus with ASIC and ASX for the issue of up to 60,000,000 New Shares at an issue price of $0.20 per share to raise up to $12,000,000 with one New Option attaching to every two New Shares. The New Options will be exercisable by September 30, 2008 at $0.25 per share.
Commonwealth Securities Limited has underwritten the issue to the extent of 50,000,000 New Shares and 25,000,000 New Options for a total of $10,000,000, under an offer to the Public closing on September 20, 2006.
Existing Shareholders will be given the opportunity to subscribe for up to 10,000,000 New Shares and 5,000,000 New Options under the offer to Shareholders, closing on September 15, 2006, to raise an additional $2,000,000 which is not underwritten.
Having substantially achieved the original objectives outlined at listing in May 2005, the
proceeds from the capital raising will be applied to participation in the development of existing
exploration properties and the pursuit of new oil & gas opportunities to achieve planned growth
in the Company's investment portfolio.
- Baraka, GBE Join Forces to Drill in Georgina Basin (Apr 09)
- Baraka Plans to Increase Activity on Chicuaco Block (Feb 26)
- Seismic Work Complete on La Punta Block in Colombia (Jan 08)