Mali: Baraka is seeking funds for its operations here
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Baraka looking for funds
Australian junior Baraka Petroleum is seeking to raise up to A$35 million (US$26.9 million) to support its operations in Mali.
The company will achieve this through an institutional placement of shares in Australia, Asia, Europe, the UK, US and Canada.
Royal Bank of Canada (RBC) will act as the lead manager of the placement while Paterson Securities will co-mange the placement of A$10.5 million of shares to investors in Australia.
RBC will also manage a facility to purchase up to 50 million maturing escrow shares from Baraka shareholders. These shares were released from escrow on 16 May 2006.