23 Nov 2011 07:00
For Immediate Release | 23 November 2011 |
FRONTERA RESOURCES CORPORATION
("Frontera" or the "Company")
Houston, Texas, U.S.A. - 23 November 2011
DRAWDOWN ON EQUITY LINE
Frontera Resources Corporation (London Stock Exchange, AIM Market, FRR), the oil and gas exploration and production company with assets in the country of Georgia, today announces that it has agreed to issue shares under the Standby Equity Distribution Agreement to YA Global Master SPV Ltd. The shares will be issued at a premium to the market price and the shares will satisfy £153,799 of arrangement fees due in respect of SEDA facility.
Accordingly, Frontera has today issued and allotted 8,831,749 new ordinary shares of US$0.00004 each in the Company ("Ordinary Shares") to Yorkville at a price of £0.01789 per share, which represents a premium of 59% per cent to yesterday's closing price of £0.01125.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on 29 November 2011 ("Admission"). The New Ordinary Shares will rank pari passu with the Company's existing issued Ordinary Shares.
Following Admission, the enlarged issued share capital of the Company will be 2,070,697,444 Ordinary Shares (excluding 31,652,581 shares held as treasury stock).
Enquiries:
Frontera Resources CorporationLiz WilliamsonVice President, Investor Relations and Corporate Communications(713) 585-3216lwilliamson@fronteraresources.com
Nominated Adviser:
Strand Hanson LimitedJames Harris / Andrew Emmott / Paul Cocker / Liam Buswell+44 (0)20 7409 3494
Brokers:
finnCap Limited
Sarah Wharry
+44 (0) 20 7220 0500
Old Park Lane Capital PlcMichael Parnes / Luca Tenuta+44 (0)20 7493 8188
Cornhill Capital LimitedNick Bealer / Stefan Olivier+44 (0) 207 710 9610
Financial PR:
BuchananTim Thompson / Ben Romney+44 (0)20 7466 5000timt@buchanan.uk.com
Notes to Editors:
About Frontera Resources Corporation
Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets around the world. Frontera currently operates in the country of Georgia where it holds a 100 percent working interest in a production sharing agreement with the government of Georgia. This gives Frontera the exclusive right to explore for, develop and produce oil and gas from a 5,060 square kilometer area in eastern Georgia known as Block 12. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market - Symbol: FRR. For more information, please visitwww.fronteraresources.com.