Frontier Resources International Placing (3151T)

TIDMFRI

RNS Number : 3151T

Frontier Resources International

17 July 2015

For immediate release

17 July 2015

Frontier Resources International Plc

("Frontier" or the "Company")

Placing

The Board of Frontier (AIM Ticker: FRI) is pleased to announce that the Company's broker, Beaufort Securities, has today conditionally placed 58,571,428 new ordinary shares (the "Placing Shares") at a placing price of 0.35p per Placing Share to raise GBP205,000 before expenses subject to admission (the "Placing").

As announced on 30 June 2015, as the conditional subscription by AGR Energy Limited No. II and parties acting in concert with it had not completed, the Company needed to arrange alternative additional funding for its immediate working capital requirements.

The proceeds of the Placing will provide additional working capital for the Company which continues to seek a farm-out of one or more of its projects in the Oman and Namibia.

The Placing Shares will, on issue, rank pari passu with the existing ordinary shares in issue and application will be made for the Placing Shares to be admitted to trading on AIM. Admission and trading in the Placing Shares on AIM is expected to commence on or around 24 July 2015 ("Admission").

Total voting rights

Following the issue of the Placing Shares, the Company's issued share capital consists of 224,001,934 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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 
   Zoe Alexander

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

IOELQLLFEDFLBBK

Frontier Res. (LSE:FRI)
Historical Stock Chart
From Jun 2024 to Jul 2024