Monday 09 May, 2011

$5 million Funding Completed

Frontier has raised $5 million through the issue of one year loan notes to a consortium of institutional and private investors.

The notes will pay interest at 12% per annum, also providing investors with warrants to acquire 16 million new ordinary shares at 8 pence per share, valid for two years with mandatory execution if the share price remains above 12p for more than 20 consecutive trading days.

Erlan Sagadiev, CEO of Frontier Mining, commented:

“I am pleased that investors have an appetite for financing Frontier and these loan notes further provide the Company with the funds it requires to develop the Benkala project and its other assets”.