LONDON (Alliance News) - Frontera Resources Corp Thursday said it has raised gross proceeds of GBP1.95 million in a discounted placing, money it will use for further drilling work
In a statement, the oil and gas explorer and producer said it issued 195 million new shares at 1 pence a share through Daniel Stewart & Co. The issue represents about 6.91% of its enlarged share capital.
The company had said last month it wanted to start work on a new well at its Mtsare Khevi gas complex in Georgia.
The company's shares were down 9.8% at 1.06 pence Thursday afternoon as the placing price set a new benchmark.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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