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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Frontera Res | LSE:FRR | London | Ordinary Share | KYG368131069 | ORD SHS USD0.00004 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFRR
RNS Number : 5391E
Frontera Resources Corporation
19 October 2018
19 October 2018
Frontera Resources Corporation
(the "Company")
Update Regarding YA II PN, Ltd Matter
Frontera Resources Corporation (AIM: FRR), the European-focused oil and gas exploration and production company, is pleased to provide the following update regarding the earlier announced matter with YA II PN, Ltd ("YA").
On 18 October 2018, the Company and YA have agreed to resolve their differences as announced on 17 September 2018 and 19 September 2018 by way of restructuring the outstanding Series A Preferred Convertible Shares ("Series A shares") redemption schedule and retracting and releasing each other from mutual claims, as described below.
Pursuant to the terms of the settlement, the remaining outstanding 2,650 Series A shares will be redeemed commencing 1 November 2018, on a monthly basis, for which the Company will be making cash redemption payments to YA of US $ 64,900 per month up until 1 April 2019, then US $ 149,600 per month up until 1 July 2019, and then will make a lump sum redemption payment of US $ 2,141,700 on 1 July 2019 to redeem all remaining outstanding Series A shares. Once so redeemed, the Series A shares will be cancelled. The Company has also the right to convert Series A shares into ordinary shares instead of cash redemption and the right to pay down in cash the entire redemption amount for the outstanding number of Series A shares at any moment.
As part of the settlement, (i) the Company withdrew its claims against YA as announced on 17 September 2018 and 19 September 2018, (ii) YA cancelled its 30 August 2018 and 3 September 2018 conversion notices and withdrew its 12 September 2018 notice of default, and (iii) the Company and YA mutually released each other from claims relating to this disagreement.
Zaza Mamulaishvili, President and CEO, commented:
"I am very pleased with the way the Company has resolved its disagreement with YA. The settlement terms are mutually workable for both the Company and YA. As a result of this settlement, the inconvenient overhang of monthly conversion has been removed which should positively reflect on the Company's share price and market position going forward. The Company is moving on with paying down the remaining balance to YA by way of cash redemption and without recourse to the conversions as was the case in the past."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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 / Chris Viggor Yellow Jersey +44 (0) 203 735 8825 Tim Thompson Harriet Jackson Henry Wilkinson
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
October 19, 2018 02:00 ET (06:00 GMT)
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