1 Jun 2015 07:00
For immediate release
1 June 2015
Frontier Resources International Plc
("Frontier" or the "Company")
Conditional Subscription Update
As announced on 22 May 2015, the Board of Frontier expected that subject to the remaining conditions to completion of the conditional subscription ("Subscription") by AGR Energy Limited No. II ("AGR Energy") and parties acting in concert with it being satisfied or waived, that completion of the Subscription should have occurred by the end of last week. However, due to factors not directly related to Frontier or AGR Energy, the Subscription has not been completed and accordingly will not now proceed.
As previously announced, if the Subscription were not to proceed, the Company would need to arrange alternative additional funding for its immediate working capital requirements. The Company has commenced discussions regarding potential alternative funding.
AGR Energy has agreed that as the Subscription has not proceeded, the repayment date of the secured short term loan facility of US$200,000 to the Company ("Loan Agreement") provided by AGR Energy to the Company on 17 March 2015 will be extended by six months to 17 March 2016.
A further announcement will made as soon as possible.
Enquiries:
Frontier Resources International Plc Jack Keyes, Chief Executive Officer Neil Herbert, Chairman |
Tel: +1 (281) 920 0061 Tel: +44 (0) 020 3475 8108 |
Beaumont Cornish (Nomad) Michael Cornish Roland Cornish |
Tel: +44 (0)20 7628 3396 |
Beaufort Securities Limited (Broker) Saif Janjua
|
Tel: +44 (0)20 7382 8300 |
Yellow Jersey PR (Financial PR) Anna Legge Dominic Barretto | Tel: +44 (0)7747 788 221 |
A copy of this announcement is available from the Company's website www.friplc.com
ENDS