Company News: Frontier Mining Last Update: 19 Nov 2009
Press Release: Frontier secures additional 5m funding
- Date: 25 Aug 2009
- Category: Standard Release
- Description: Frontier Mining Ltd announces that it has today entered into a £5,000,000 Standby Equity Distribution Agreement (“SEDA”) with YA Global Master SPV LTD, which is advised by Yorkville Advisors LLC, an investment group headquartered in New Jersey and active across North America, Europe and the Asia Pacific region. This agreement enables the Company, at its discretion and subject to certain conditions being met, to obtain funding from Yorkville at any time during the next 30 months by way of subscription for new shares in the Company.
Frontier Mining Ltd, the AIM listed gold and copper exploration and development company focused on Kazakhstan, announces that it has today entered into a 5,000,000 Standby Equity Distribution Agreement (“SEDA”) with YA Global Master SPV LTD, which is advised by Yorkville Advisors LLC (“Yorkville”), an investment group headquartered in New Jersey and active across North America, Europe and the Asia Pacific region.
This agreement enables the Company, at its discretion and subject to certain conditions being met, to obtain funding from Yorkville at any time during the next 30 months by way of subscription for new shares in the Company.
Subscriptions will be priced at a discount to the market price at the time of subscription and will take place at timings and intervals and in sizes determined by the Company, subject to the agreed mechanisms specified under the SEDA. The SEDA offers Frontier a low risk, cost effective way of optimising its capital structure in pursuit of its growth strategy.
Erlan Sagadiev, CEO of Frontier Mining Ltd, commented: “Yorkville’s commitment to FML is another positive step for Frontier as it strengthens the Company’s financial security and flexibility, further enabling us to continue significant progress at our Naimanjal and Benkala projects. Having access to both credit and equity lines gives us the flexibility to draw our credit line to minimize dilution during periods of share price weakness or draw our equity line to minimize debt levels as our share price increases, thus optimising our capital structure.”
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