PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 27.Jan.2025) — Frontera Energy Corporation revealed preliminary results of its substantial issuer bid pursuant to which it offered to purchase from shareholders for cancellation up to CAD$42mn ($30mn) of its outstanding common shares at a purchase price of CAD$12/share.
The offer expired at 5pm (EST) on 24 Jan. 2025.
Frontera expects to take up and pay for 3,500,000 shares (4.33% of the total number of Frontera’s issued and outstanding shares as of 23 Jan. 2025 at the purchase price.
After the cancellation of the shares taken up and paid for by the company, Frontera anticipates that 77.29mn shares will be issued and outstanding, the company announced 27 Jan. 2025 in an official statement.
“Approximately 73,178,094 shares were validly tendered and not withdrawn. Since the offer was oversubscribed, the tendered shares will be purchased on a pro rata basis following the determination of the final results of the offer,” Frontera said.
Frontera expects shareholders who tendered will have 4.78% of their tendered shares purchased by the company.
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.