Frontier Resources International Issue of Equity (8161T)

TIDMFRI

RNS Number : 8161T

Frontier Resources International

22 July 2015

For immediate release

22 July 2015

Frontier Resources International Plc

("Frontier" or the "Company")

AGR Loan conversion

Issue of settlement shares to directors

AGR Loan conversion

The Board of Frontier (AIM Ticker: FRI) is pleased to announce that further to the announcement on 21 July 2015, AGR Energy Limited No. II ("AGR Energy") has today conditionally agreed that it will convert the outstanding amount owed by Frontier under the Loan Agreement, including accrued interest, which amounts to US$206,164.38, into 37,763,424 new ordinary shares at an issue price of 0.35p per new Ordinary Share ("Loan Conversion Shares") in full and final settlement of the Loan Agreement. The conversion is conditional on admission of the Loan Conversion Shares to trading on AIM.

Director debt settlement

As announced on 21 July 2015, the Company expected to settle further amounts owed to Directors in new Ordinary Shares at 0.35p per new Ordinary Share and a further announcement would be made in due course as and when these had been determined.

Today, the Company has agreed the following: 5,031,714 new ordinary shares have been issued to Mr Herbert in lieu of GBP17,611 owed to him by the Company in respect of fees due under his letter of appointment; 2,857,143 new ordinary shares have been issued to Mr O'Donovan in lieu of GBP10,000 owed to him by the Company in respect of fees due under his letter of appointment; and 4,285,714 new ordinary shares have been issued to CFPro Limited (a company controlled by Mrs Spurrier) in lieu of GBP15,000 owed to CFPro Limited by the Company in respect of accounting and other administrative services provided to the Company.

In aggregate therefore, GBP42,611 has today been settled, conditional on admission, by the issue of 12,174,571 new ordinary shares at an issue price of 0.35p per new ordinary share ("New Settlement Shares"), representing 4.2 per cent. of the current issued share capital (prior to the issue of the Loan Conversion Shares and the New Settlement Shares).

Directors' interests

Following the issue of the New Settlement Shares and the Loan Conversion Shares, Mr Herbert, Mr O'Donovan and Mrs Spurrier's interests in the Company will be as follows:

 
 Director                   Number of        % interests 
                             ordinary    in the enlarged 
                               shares      share capital 
                                          of the Company 
------------------------  -----------  ----------------- 
 Neil Herbert              24,674,571               7.2% 
 Barbara Spurrier (Note 
  1)                        5,763,118               1.7% 
 John O'Donovan             5,457,243               1.6% 
------------------------  -----------  -----------------

Note 1: 4,285,714 ordinary shares are held by CFPro Limited, a company beneficially owned by Mrs Spurrier.

Admission

The New Settlement Shares and the Loan Conversion Shares (the "New Shares"), in aggregate amount to 49,937,995, will, on issue, rank pari passu with the existing ordinary shares in issue and application will be made for the New Shares to be admitted to trading on AIM. Admission and trading in the New Shares on AIM is expected to commence on or around 31 July 2015 ("Admission").

Total voting rights

Following the issue of the New Shares, the Company's issued share capital consists of 340,470,535 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

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