Frontera Resources Issues 56.1 Million Shares After Conversion Notice (ALLISS)

4th Apr 2018 15:25

LONDON (Alliance News) - Frontera Resources Corp said Wednesday it received a conversion notice on Tuesday to convert 309 series A convertible shares, the last of its convertible shares.

Oil and gas firm Frontera said YA II PN Ltd has converted the shares out of its outstanding total of 3,200 convertible shares. Conversion will be made at a price of 0.393 pence per share and will result in the issue of 56.1 million shares in the company to YA II PN.

Frontera's shares were up 1.3% at 0.52p on Wednesday afternoon.

The agreement with YA contains a limit of a maximum of 1.30 billion ordinary shares it can convert before June 16 this year. Following this conversion, YA will not be able to convert any further series A shares as it has now reached this point, Frontera said.

Following this conversion, YA will hold 2,891 series A shares with the redemption value of USD2.9 million, redeemable on June 16.

The shares are expected to be admitted to trading on AIM on or about April 11, and following admission Frontera will have 15.76 billion shares in issue.

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