Independent oil and gas exploration and production company, Frontera Resources, said shareholders had given the thumbs up for a plan to raise funds and relocate the firm to the Cayman Islands.In June Frontera announced a funding plan that could provide up to £28.3m (US$46m) in new funding, most of which will be made up of a Standby Equity Distibution Agreement.This will give Frontera the right to raise £26.8 million of new funds by selling shares to investors.The firm will change most of its convertible loan notes due in 2012 and 2013 and its outstanding management loans into equity.It will also move its headquarters from Delaware in the USA to the Cayman Islands.The transaction is expected to become effective when a new holding company of the group is admitted to trading on AIM, on 2 August 2011Chairman and chief executive, Steve Nicandros, said that when the plans were completed the company's value would "better reflect the significant prospectivity identified by our historical investments throughout our extensive portfolio". "Moreover, Frontera will be well positioned to realize this value from its planned work programs," he added.