5 Oct 2017 07:00
5 October 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
Frontera Resources Corporation
("Frontera" or the "Company")
Successful Fundraising of £3.5 Million via PrimaryBid and Director's Subscription
Frontera Resources Corporation (AIM:FRR), the European focused oil and gas exploration and production company, announced on 4 October 2017 an underwritten offer to raise approximately £3 million (before expenses) at an offer price of 0.58 pence per ordinary share. The fundraising comprised a fully underwritten offer via PrimaryBid (the "Offer") in conjunction with a Director subscription (the "Subscription") (together the "Fundraising"). The Offer was made exclusively available through PrimaryBid.com.
The Company is delighted to announce that it has raised gross proceeds of £3,500,000 through the Fundraising, comprising of £2,500,000 raised via the Offer and £1,000,000 via a subscription by Zaza Mamulaishvili, a director of the Company. Accordingly, the Company will issue 603,448,276 new ordinary shares pursuant to the Offer and Subscription.
The Company has been advised by PrimaryBid that the Offer received a very strong response from private and institutional investors and was oversubscribed. In light of the demand received, under the terms of Offer, the Company decided to increase the offer by £500,000 to ensure more investors had a chance to participate.
The Offer was on a "first come, first served" basis and was closed early at approximately 6:45 p.m. on Wednesday, 4 October 2017.
Subscription
Concurrent with the Offer, Mr Mamulaishvili, a director of the Company, subscribed for £1,000,000 comprising 172,413,793 new ordinary shares at a price of 0.58 pence per share.
Following the Offer and Subscription, Mr Mamulaishvili's shareholding is as follows:
Name | Holding Prior to the Subscription | Shares issued pursuant to the Subscription | Holding following the Offer and Subscription | Holding as a percentage of enlarged issued share capital
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Zaza Mamulaishvili | 841,845,433 | 172,413,793 | 1,014,259,226 | 7.00% |
Issue of Equity and Admission
The Company will allot and issue 603,448,276 new ordinary shares ("New Ordinary Shares") to the subscribers. Application will be made for New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on or around 11 October 2017 ("Admission"). The New Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.
Following Admission, the Company will have 14,497,798,708 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 14,497,798,708 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.
Zaza Mamulaishvili, President and Chief Executive Officer, commented:
"The purpose of the Fundraising was to raise funds for the Company's drilling operations at Taribani complex, namely procuring materials and services in order to sidetrack/drill Dino-2 well and procure materials for T-45 well deepening. I am pleased to report that now we are well funded to commence the Taribani drilling operations. We are delighted to have used PrimaryBid's innovative platform that allowed private investors who have supported us in the past access to this Offer."
Enquiries:
Frontera Resources | (713) 585- 3216 | |
Zaza Mamulaishvili | ||
info@fronteraresources.com | ||
Cairn Financial Advisers LLP | +44 (0) 20 7213 0880 | |
Jo Turner / Liam Murray
| ||
WH Ireland Limited | +44 (0)20 3411 1880 | |
James Joyce / Alex Bond
| ||
Yellow Jersey | +44 (0) 203 735 8825 | |
Tim Thompson | ||
Harriet Jackson | ||
Henry Wilkinson
| ||
PrimaryBid Limited | +44 (0) 207 491 6519 | |
Dave Mutton | ||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
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1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Zaza Mamulaishvili | ||||||
2 | Reason for notification |
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a. | Position/Status | Director of Frontera Resources Corporation | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Frontera Resources Corporation inc | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of US$0.00004 each
ISIN: KYG368131069 | ||||||
b. | Nature of the transaction | Subscription
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c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
0.58 pence per share | 172,413,793 | |||||||
d. | Aggregated information
- Aggregated Volume
- Price | N/A | ||||||
e. | Date of the transaction | 4 October 2017 | ||||||
f. | Place of the transaction | XLON (AIM Market)
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