Company arranges three-year standby equity distribution agreement
By Devika Patel
Knoxville, Tenn., June 28 - Frontera Resources Corp. said it plans to raise about £6.8 million through a private placement of shares and will also take in £21.5 million in a three-year standby equity distribution agreement.
In the placement, the company will sell ordinary shares at 4p per share, which is a 33.33% discount to the June 27 closing share price of 6p.
Frontera is an independent oil and gas exploration and production company with headquarters in Houston.
Issuer: | Frontera Resources Corp.
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Issue: | Ordinary shares, standby equity distribution agreement
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Total amount: | £28.3 million (approximate)
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Warrants: | No
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Pricing date: | June 28
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Stock symbol: | London: FRR
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Stock price: | 3.90p at close June 28
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Market capitalization: | £7.91 million
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Shares
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Amount: | £6.8 million (approximate)
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Price: | 4p
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Standby equity distribution agreement
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Amount: | £21.5 million (approximate)
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Tenor: | Three years
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