Baraka Closes $10m Capital Raising
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.
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