Baraka Closes $10m Capital Raising

Baraka Petroleum

Baraka Petroleum Limited (ASX: BKP) has closed its capital raising pursuant to the Prospectus dated August 30, 2006 to raise $10,131,060 before costs, through the issue of 50,655,300 shares at 20 cents per share.

The shares have been allotted with one Option for every two shares for a total of 25,327,650 Options. The Options to acquire fully paid shares are exercisable up to September 30, 2008 at $0.25 each.

Commonwealth Securities Limited underwrote the issue to the extent of $10 million and completed the raising in accordance with the Prospectus timetable.

Proceeds from the issue will be used to further the Company's exploration interests and for working capital.