West Perth-based oil and gas exploration company Baraka Petroleum Ltd has raised $3.3 million through a share purchase plan, with funds raised to help the company fully acquire the La Punta oil field in Colombia.
The full text of a company announcement is pasted below
Australian Oil & Gas Exploration and Production Company Baraka Petroleum Limited ("Company or Baraka") is pleased to announce that the A$ 3 million Share Purchase Plan ("SPP") has closed over-subscribed.
Pursuant to the terms of the SPP the Company has received applications for 36,865,188 ordinary shares at an issue price of 9 cents raising $3,317,967.00
Given the level of subscriptions from shareholders the Directors have decided to accept all applications in full.
Baraka Managing Director and CEO DR. Mark Fenton said the response from shareholders is very encouraging.
"This is a strong endorsement from our shareholders for the diversification of our E&P portfolio to South America through the La Punta acquisition and I thank them for their support"
The funds raised will be used to help fund the La Punta acquisition, explore further opportunities in South America and to continue our exploration programme in West Africa. The Company expects to complete the issue and allotment of shares pursuant to the SPP on the 19 November 2007 and the Quotation Date for the shares on ASX is expected to be on the 20 November 2007.
