FAR Completes Private Placement to Fund Sangomar Field Development

Updated 1 year 9 months ago

FAR completed a conditional placement to raise AUD 146 million at AUD 0.0425 per share in December 2019. In additional, the company will allow eligible current shareholders to buy up to AUD 30 million at the same price as the placement. This funding is to be used in conjunction with an underwritten $350 million senior debt facility to fund FAR's capital expenditure share of the Sangomar development until first oil. New shares issued under the placement will represent 35.4% of the enlarge share capital of FAR which will have 9,715,681,158 ordinary shares on issue. The placement is conditional upon approval at a general meeting in January 2020.