Frontier Resources International Issue of Equity (9677D)
July 12 2016 - 8:45AM
UK Regulatory
TIDMFRI
RNS Number : 9677D
Frontier Resources International
12 July 2016
Frontier Resources International Plc
("Frontier" or the "Company")
12 July 2016
Issue of Equity
The Board of Frontier (AIM Ticker: FRI) announces that the
Company has today allotted and issued 40,143,351 new Ordinary
Shares.
This comprises the following:
1. Exercise of Warrants
As at close of business on 7 July 2016, valid exercise notices
were received from holders of 40,139,630 warrants which were issued
in February 2016 ("Warrants"). The exercise price is 0.03p per
ordinary share of 0.01p ("Ordinary Share") and the gross proceeds
of exercise amounted in aggregate to GBP12,041.89, which provides
additional working capital for the Company.
Included in the figures above are the following exercises of
warrants by Directors which are shown in the table at the bottom of
this announcement.
The next, and final, exercise date for the outstanding warrants
is 7 October 2016. If the proposed share consolidation (in which
one New Ordinary Share of 2.5p will replace every 250 Ordinary
Shares) ("Share Consolidation") is approved at the General Meeting
scheduled for 25 July 2016, holders of remaining Warrants will have
to divide the number of their Warrants by 250 to calculate the
number of New Ordinary Shares the subject of the Warrants, and the
exercise price of such Warrants will be 7.5p per New Ordinary
Share.
2. Issue of new Ordinary Shares to purchase the outstanding
deferred shares
As also announced on 7 July, the Company intends to tidy up its
capital structure by acquiring, as it is entitled, all the
outstanding deferred shares (which are effectively worthless) in
the Company for consideration of GBP1. Once these deferred shares
are cancelled, the Ordinary Shares will constitute the only class
of share capital in the Company.
In order to achieve this, the Company has therefore allotted
3,721 Ordinary Shares at an issue price of 0.03p per Ordinary Share
to Barbara Spurrier to create the share premium necessary.
The new Ordinary Shares will, on issue, rank pari passu with the
existing Ordinary Shares in issue, other than in respect of the
following : they will not be eligible for participation in the Open
Offer announced on 7 July. Application will be made for the new
Ordinary Shares to be admitted to trading on AIM. Admission and
trading in the new Ordinary Shares on AIM is expected to commence
on or around 18 July 2016.
Director No of No of shares No of Ordinary No of Ordinary
warrants issued to Shares held Shares held
exercised facilitate post exercise as a % of enlarged
the purchase issued ordinary
of the Deferred share capital
Shares
-------------- ----------- ----------------- --------------- --------------------
Neil Herbert 24,674,571 - 382,682,475 7.36
-------------- ----------- ----------------- --------------- --------------------
Barbara
Spurrier* 5,747,618 3,721 11,514,457 0.22
-------------- ----------- ----------------- --------------- --------------------
* included in the figures above are the exercise of 4,285,714
warrants by CFPro Limited, a company with which Barbara Spurrier is
connected. The resultant shareholding of CFPro Limited is 8,571,428
shares.
Total voting rights
Following the issue of the new Ordinary Shares, the Company's
issued share capital consists of 5,200,000,000 Ordinary Shares,
with voting rights. This figure may be used by shareholders in the
Company as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
Enquiries:
Frontier Resources International Plc
Adam Reynolds, Chairman
Tel: +44 (0) 7785 908158
SPARK Advisory Partners Limited (Nomad)
Neil Baldwin/Mark Brady
Tel: +44 (0)20 368 3550
Beaufort Securities Limited (Broker)
Jon Belliss
Tel: +44 (0)20 7382 8300
Yellow Jersey PR Limited (Financial PR)
Felicity Winkles/ Joe Burgess/ Josh Cole
Tel: +44 (0) 7748 843 871
A copy of this announcement is available from the Company's
website www.friplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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