Karoon Gas launches capital raising

Group running $150m placement in an attempt to support farmout negotiations.

Karoon Gas Australia is raising $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 entered a trading halt on Wednesday on announcing the placement, which is 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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