FAR Limited (ASX:FAR)
has announced the completion of a $60 million capital raising to institutional and sophisticated investors.
The placement was oversubscribed and will see new institutional investors added to FARs register.
The proceeds of the placement will fund ongoing drilling and evaluation offshore of Senegal.
The placement price of 8.5 cents is a 6.6 percent discount to the company’s last close price on the 12th of April 2016.
FAR Limited reported a net loss of $19.62 million for the six months to the end of December 2015.