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Frontera Resources (FRR)

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Wednesday 23 November, 2011

Frontera Resources

Drawdown on Equity Line

RNS Number : 6114S
Frontera Resources Corporation
23 November 2011
 



For Immediate Release

23 November 2011

 

FRONTERA RESOURCES CORPORATION

 

("Frontera" or the "Company")

 

Houston, Texas, U.S.A. - 23 November 2011

 

DRAWDOWN ON EQUITY LINE

 

Frontera Resources Corporation (London Stock Exchange, AIM Market, FRR), the oil and gas exploration and production company with assets in the country of Georgia, today announces that it has agreed to issue shares under the Standby Equity Distribution Agreement to YA Global Master SPV Ltd.  The shares will be issued at a premium to the market price and the shares will satisfy £153,799 of arrangement fees due in respect of SEDA facility. 

 

Accordingly, Frontera has today issued and allotted 8,831,749 new ordinary shares of US$0.00004 each in the Company ("Ordinary Shares") to Yorkville at a price of £0.01789 per share, which represents a premium of 59% per cent to yesterday's closing price of £0.01125.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on 29 November 2011 ("Admission").  The New Ordinary Shares will rank pari passu with the Company's existing issued Ordinary Shares.

Following Admission, the enlarged issued share capital of the Company will be 2,070,697,444 Ordinary Shares (excluding 31,652,581 shares held as treasury stock).

 

 

Enquiries:

 

Frontera Resources Corporation
Liz Williamson
Vice President, Investor Relations and Corporate Communications
(713) 585-3216
lwilliamson@fronteraresources.com

 

Nominated Adviser:

Strand Hanson Limited
James Harris / Andrew Emmott / Paul Cocker / Liam Buswell
+44 (0)20 7409 3494

 

Brokers:

 

finnCap Limited

Sarah Wharry

+44 (0) 20 7220 0500

 

Old Park Lane Capital Plc
Michael Parnes / Luca Tenuta
+44 (0)20 7493 8188

 

Cornhill Capital Limited
Nick Bealer / Stefan Olivier
+44 (0) 207 710 9610

 

Financial PR:

Buchanan
Tim Thompson / Ben Romney
+44 (0)20 7466 5000
timt@buchanan.uk.com

 

 

Notes to Editors:

 

About Frontera Resources Corporation

 

Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets around the world. Frontera currently operates in the country of Georgia where it holds a 100 percent working interest in a production sharing agreement with the government of Georgia. This gives Frontera the exclusive right to explore for, develop and produce oil and gas from a 5,060 square kilometer area in eastern Georgia known as Block 12. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market - Symbol: FRR. For more information, please visitwww.fronteraresources.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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