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The company announced in late August that the full amount had been underwritten by Commonwealth Securities.
At the time it said existing shareholder also had the option to subscribe for an additional 10 million shares and 5 million new options.
Baraka this morning closed the offer at slightly over $10 million,comprising the issue of about 50.655 million shares at 20c each, with two new options attaching to every new share.
Baraka has secured the rights to explore and develop eight tenement areas covering more than 272,000 square kilometres in Mauritania and Mali.
The company recently announced plans to start drilling its first African well, Heron-1, in partnership with CNPC International Mauritania, a subsidiary of Chinese major CNPC.
Late last month, Baraka said it had signed heads of agreements with two major international oil and gas companies to farm-in to its five Mali production sharing contracts, where it is nearing completion of an airborne study.
