Frontera Raises Funds for Work Programmes
Georgia-focused Frontera Resources has today said that it has successful raised financing of £624,804 for the cost of future operations through a Standby Equity Distribution Agreement (SEDA) drawdown with YA Global Master SPV.
The drawdown sees Frontera issue 125,273,985 new ordinary shares of US$0.00004 to create the funds. The drawdown of the shares has been taken at a cost of 0.49875 pence (GBP) per share. The creation of the shares will bring total shares to 2,298,833,631 ordinary shares.
These New Ordinary Shares are expected to the AIM (London) stock exchange by the 25th of September.
Frontera did not specify in its statement which operations the funds would be used to finance. However, the Texas-based company has a substantial interest in Georgia and is currently focused on oil and gas exploration, particularly on the Block 12 asset in Georgia. Frontera is the 100 per cent owner and operator of the Block 12 licence.