The Board of Frontier says that the Company has conditionally issued, though a direct subscription, 4,750,000,000 new ordinary shares of 0.01p each with existing and new investors at a placing price of 0.03p per Subscription Share to raise £1,425,000 before expenses, conditional on admission of the Subscription Shares to trading on AIM.

The proceeds of the Subscription will be used to provide working capital for the Company and to support the investment in new projects. The Board does not intend to provide any further capital to the Company's existing oil exploration projects, the future of which the Board intends to consider following completion of the Subscription.

Tags: Frontier Resources International