KAROON GAS is set to raise $49 million from a share placement to fund its drilling program in the Browse Basin and upcoming exploration programs in Peru and Brazil.
The company said it would place 14 million fully paid shares at an issue price of $3.50 a share to sophisticated and professional investors.
The share placement will be completed once shareholder approval is obtained.
Karoon said the upcoming exploration programs in Australia and South America represent an exciting new phase for the company and have the potential to propel it into the upper echelon of Australian petroleum companies.
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