15 Jun 2016 07:00
Houston, Texas, U.S.A. - 15 June 2016
Frontera Resources Corporation
("Company")
SEDA Draw Down and Issue of Equity
Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company, today announces that it has drawn down on its previously announced Standby Equity Distribution Agreement ("SEDA") with YA II PN, Ltd. (formerly as YA Global Master SPV Ltd.) in the amount of £532,668.33 (approximately US $767,000 (the "Draw Down"). The Draw Down has been undertaken at a price of £0.002594 per share in accordance with the terms of the SEDA, and will result in the issue of 205,346,311 new ordinary shares of US$0.00004 each in the Company ("New Ordinary Shares"). The funds will be used to advance work programs of the Company and to reduce corporate debt.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on 20 June 2016 ("Admission"). The New Ordinary Shares will rank pari passu with existing ordinary shares of the Company.
Following Admission, the Company will have 4,281,710,006 ordinary shares in issue with voting rights. The Company does not hold any ordinary shares in treasury and accordingly there are no voting rights in respect of any treasury shares. The aforementioned figure of 4,281,710,006 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the disclosure requirements applicable to the Company.
Enquiries:
Frontera Resources Corporation
Jesse Jefferies
+1 (713) 585-3216
info@fronteraresources.com
Buchanan Communications
Ben Romney/Hannah Brandstaetter
+44 (0) 20 7466 5000
benr@buchanan.uk.com
Nominated Adviser
Cairn Financial Advisers LLP
61 Cheapside, London EC2V 6AX
Jo Turner/ Liam Murray
+44 (0) 20 7148 7900
Broker
Cornhill Capital Limited
Nick Bealer
+44 (0) 207 710 9610