LONDON (Alliance News) - Frontera Resources Corp Tuesday said it has reduced its corporate debt after repaying USD1.3 million to its loan provider, YA Global Master SPV Ltd.
The company repaid YA Global USD1.3 million, or GBP850,114, in accordance with the company's loan agreement. Following the repayment, Frontera's outstanding corporate debt under the agreement stands at USD2.3 million, or GBP1.6 million.
The funds were raised through a draw down on the company's standby equity distribution agreement with YA Global. Frontera issued 88.5 million shares to YA Global at a price of GBP0.009606 per share to repay the debt.
Frontera shares were trading down 11% to 0.97143 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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