Karoon completes $150m capital raising

Oil and gas junior raises cash in institutional placement to support farmout talks.

Karoon Gas Australia (KAR) has raised $150 million through an institutional placement in an attempt to shore up its balance sheet amid farmout talks for its oil and gas assets in Western Australia, Brazil and Peru.

The group emerged from a one-day trading halt on Thursday to announce it had completed the placement, which was underwritten and priced at $5.10 a share, an 8.9% discount to the last trading price of $5.60 on 6 August.

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