Fronteer Development Group Inc.
Fronteer Announces Closing of Second Tranche of $9.6 Million Financing
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Fronteer Announces Closing of Second Tranche of $9.6 Million Financing
Wednesday April 14
VANCOUVER, BRITISH COLUMBIA–(CCNMatthews – Apr 14, 2004) – Fronteer Development
Group Inc. (FRG:TSX, FRR-Frankfurt) is pleased to announce that it has closed
the second and final tranche of its previously announced private placement
financing to raise additional gross proceeds of $2,420,000, for aggregate gross
proceeds of approximately $9.6 million. This financing was brokered by a
syndicate of agents led by Pacific International Securities Inc.
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Pursuant to this second and final tranche, Fronteer issued an additional
2,200,000 units at a price of $1.10 each. Each unit consists of one common share
and one-half of one share purchase warrant. Each whole share purchase warrant
entitles the holder thereof to acquire one common share of Fronteer until April
13, 2006 at an exercise price of $1.45 for the first year and $1.65 for the
second year.
Of their 7% commission of the gross proceeds raised, the Agents elected to take
approximately $144,400 in cash and 22,727 in units. The Agents also received
220,000 broker warrants. Each broker warrant entitles the holder to acquire one
common share of Fronteer at an exercise price of $1.50 for one year.
Proceeds of the offering will be used for the exploration of Fronteer’s mineral
properties in Labrador, Red Lake and Turkey, for the acquisition and development
of new mineral properties and for working capital. Upon completion of the
financing, Fronteer has approximately $12 million in its treasury and 30,484,666
shares issued and outstanding.
Fronteer owns and operates five active exploration projects in Canada focused on
the discovery of gold and uranium-copper-gold-silver (Olympic Dam-style)
deposits. Fronteer is also in the process of concluding binding option
agreements with Teck Cominco Arama ve Madencilik Sanayi Ticaret A.S.’s (“Teck
Cominco”) to acquire a 100% interest in five of its epithermal gold properties
located in Western Turkey.
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Contact:
Fronteer Development Group Inc.
Mark O’Dea
President & CEO
Phone: (604) 632-4677
Email: modea@fronteergroup.com
Website: http://www.fronteergroup.com
end of message, (c)DGAP 14.04.2004
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WKN: 533050; ISIN: CA35903Q1063; Index:
Listed:
141732 Apr 04
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