FML.L Share News (FML)

Frontier Mining has raised $5m through the issue of one year loan notes to a consortium of institutional and private investors.The AIM listed gold and copper exploration firm, which is focused on Kazakhstan and Russia, will pay interest at a rate of 12% on the loan notes.Frontier will also provide investors with warrants to acquire a total of 16 million new ordinary shares in the company at an exercise price of 8 pence per ordinary share, valid for two years. The warrants have mandatory exercise if the share price remains above 12p for more than 20 consecutive trading days."I am pleased that investors have an appetite for financing Frontier and these loan notes further provide the company with the funds it requires to develop the Benkala project and its other assets," said Chief Executive Erlan Sagadiev.The Benkala project refers to a copper-molybdenum-gold deposit in North West Kazakhstan, and is Frontier's flagship asset.--mm