Karoon Gas Australia Limited
(ASX:KAR) is raising $150 million through an underwritten placement to help shore up its balance sheet amid farmout talks.
The underwritten placement is priced at $5.10 a share, an 8.9 per cent discount to the last trading price of $5.60 on August 6.
Karoon says the placement will support its rig contract and farmout negotiations as well as fund drilling in the Browse Basin and Brazil's Santos Basin and Peru.
Karoon says it continues to receive strong interest for its farmout opportunities in Australia, Brazil and Peru.
Settlement of the placement is scheduled for 13 August.
Karoon booked a net loss of $8.7 million in the first half of fiscal 2013.
