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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 : 8217M
Frontera Resources Corporation
02 August 2017
Houston, Texas, U.S.A. - 2 August 2017
Frontera Resources Corporation
("Company")
Elimination of Debt, Conversion of Preferred Shares and Issue of Equity
Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company, today announces that, pursuant to the Shareholder Circular of 18 May 2017 and in accordance with the resolutions passed at the Company's Annual General Meeting held on 5 June 2017, the Company has eliminated debt in the amount of US$ 2,130,000 of principle plus interest, owed to various unrelated oil field and supporting services providers for oil field and supporting services, by issuing 1,041,055,718 new ordinary shares in the Company at a closing price on 31 July 2017 of 0.155 pence per share.
Additionally, on 31 July 2017, YA II PN, Ltd. submitted a notice to convert its 400, out of outstanding total of 6800, Series A Preferred Convertible Shares into ordinary shares of the Company ("Conversion Notice"). Pursuant to the Conversion Notice, the conversion will be made at a price 0.124 pence per share and will result in the issue of 245,903,225 ordinary shares of US$0.00004 each in the Company.
Application will be made for a total of 1,286,958,943 new ordinary shares ("New Ordinary Shares") to be admitted to trading on AIM, which is anticipated to occur on 9 August 2017 ("Admission"). The New Ordinary Shares will rank pari passu with existing ordinary shares of the Company.
Following Admission, the Company will have 12,669,785,616 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 12,669,785,616 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
(713) 585-3216
info@fronteraresources.com
Nominated Adviser:
Cairn Financial Advisers LLP
Jo Turner / Liam Murray
+44 (0) 20 7213 0880
Broker:
WH Ireland Limited
James Joyce / Alex Bond
+44 (0) 207 220 1666
Financial PR:
Abchurch
Tim Thompson
+44 (0) 20 7398 7700
fronterainfo@abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
August 02, 2017 02:00 ET (06:00 GMT)
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