Frontier Resources International Conditional Subscription Update (7310O)

TIDMFRI

RNS Number : 7310O

Frontier Resources International

01 June 2015

For immediate release

1 June 2015

Frontier Resources International Plc

("Frontier" or the "Company")

Conditional Subscription Update

As announced on 22 May 2015, the Board of Frontier expected that subject to the remaining conditions to completion of the conditional subscription ("Subscription") by AGR Energy Limited No. II ("AGR Energy") and parties acting in concert with it being satisfied or waived, that completion of the Subscription should have occurred by the end of last week. However, due to factors not directly related to Frontier or AGR Energy, the Subscription has not been completed and accordingly will not now proceed.

As previously announced, if the Subscription were not to proceed, the Company would need to arrange alternative additional funding for its immediate working capital requirements. The Company has commenced discussions regarding potential alternative funding.

AGR Energy has agreed that as the Subscription has not proceeded, the repayment date of the secured short term loan facility of US$200,000 to the Company ("Loan Agreement") provided by AGR Energy to the Company on 17 March 2015 will be extended by six months to 17 March 2016.

A further announcement will made as soon as possible.

Enquiries:

 
 Frontier Resources 
  International Plc               Tel: +1 (281) 920 
  Jack Keyes, Chief Executive     0061 
  Officer                         Tel: +44 (0) 020 
  Neil Herbert, Chairman          3475 8108 
 
   Beaumont Cornish (Nomad)       Tel: +44 (0)20 7628 
   Michael Cornish                3396 
   Roland Cornish 
 
   Beaufort Securities            Tel: +44 (0)20 7382 
   Limited (Broker)               8300 
   Saif Janjua 
 Yellow Jersey PR (Financial    Tel: +44 (0)7747 
  PR)                            788 221 
  Anna Legge 
  Dominic Barretto

A copy of this announcement is available from the Company's website www.friplc.com

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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