Confirmed seda-backed loan was extended for a year. Therefore can assume it's due to expire in Dec...maybe FRR have said they don't want to extend, so YA have but the bullet and loaded up on shares. Perhaps they couldn't buy in open market as they are privy to inside info, but converting the debt is allowed.
There is also the 28/6/2011 RNS which covered the original SEDA. This allowed YA to provide up to £21.5m drawdown to FRR in exchange for shares at 95% of lowest daily volume weighted at average price of 10 consecutive days. Also contains some details of if YA shorts. This agreement was to last 36 months but presumably was extended or amended later
Rockerfeller eh? might explain the wording "certain institutional investors"
6 May 2015
Subscription to raise £2.8 million
Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company, today announces that it has conditionally raised, in aggregate, gross proceeds of £2.8 million (approximately US$4.3 million) by way of a subscription for 350,000,000 new ordinary shares of US$0.00004 each (the "Subscription Shares"), at a price of 0.8 pence per ordinary share (the "Subscription Price") with certain institutional investors
Which explains why the price was not mentioned it the recent RNS, they didn't need to as it was on record elsewhere. It poses another question though, Why do they not want to draw attention to the fact that YA has taken the shares at that price?
Frontera Resources Corporation (London Stock Exchange, AIM Market – Symbol: FRR), an independent oil and gas exploration and production company (“Frontera” or the “Company”)with assets in the country of Georgia, today announces that it has retired the second tranche of the loan (“Further Advance”) drawn pursuant to the SEDA-Backed Loan Agreement (the “Loan Agreement”) entered into with YA Global Master SPVLtd on 27 January 2012 and announced on 31 January 2012. On 31 July 2013, the Company and YA Global Master SPVLtd agreed to amend the Loan Agreement to extend itthroughto 1September 2014(the “Amended Loan Agreement”). The Amended Loan Agreementwill allow the Company to draw a SEDA-backed loan up to US$1,287,000, at an annual interest rate of 9%. All other terms of the Amended Loan Agreement are substantially the same as described in the Company’s RNS dated 31 January 2012.
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