Petroleum Africa
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Monday, July 20, 2015
Frontier Resources International announced that its broker, Beaufort Securities, has conditionally placed 58,571,428 new ordinary shares at a placing price of 0.35p per Placing Share to raise £205,000 before expenses subject to admission.
As previously announced, as the conditional subscription by AGR Energy Ltd. No. II and parties acting in concert with it had not completed, the company needed to arrange alternative additional funding for its immediate working capital requirements.
The proceeds of the Placing will provide additional working capital for the company which continues to seek a farm out partner for one or more of its projects in Oman and Namibia.
The Placing Shares will, on issue, rank pari passu with the existing ordinary shares in issue and application will be made for the Placing Shares to be admitted to trading on AIM. Admission and trading in the Placing Shares on AIM is expected to commence on or around July 24.
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