Frontier raises cash

FRONTIER Resources has raised a combined $7.3 million from a share purchase plan and private placement.
Frontier raises cash Frontier raises cash Frontier raises cash Frontier raises cash Frontier raises cash

$5.6 million was raised from the share purchase plan, with the shares to be allotted today, while $1.7 million was raised via placement to institutional investors.

Frontier said it would finalise a second batch of placements in about a week.

The company recently snapped up two New Britain exploration licences covering a combined area of 1696 square kilometres with seven possible porphyry copper deposits.

Both exploration licences are subject to an earn-in joint venture with Ok Tedi Mining, which will conduct aeromagnetic and radiometric geophysical programs within the next year.

Frontier added that it expects to provide an update on the Andewa gold-copper project as soon as possible.

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