Frontier Energy Ltd (ASX:FHE) announcement overview

Frontier Energy Ltd (ASX:FHE) has announced the termination of Tranche Two Placement due to the Waroona Renewable Project not being assigned capacity credits and the cancellation of the debt mandate with Infradebt Pty Ltd. As a result, the resolutions regarding the Tranche Two Placement and the issue of shares to Mr Grant Davey will not be put to shareholders at the upcoming general meeting on 8 October 2024.

Executive Commentary on Tranche Two Placement Termination

The Company and the joint lead managers have agreed that terminating the obligations of the placees in connection with Tranche Two Placement is appropriate given the recent developments related to the Waroona Renewable Project and the cancellation of the debt mandate with Infradebt Pty Ltd. We are committed to providing further updates regarding the next steps in relation to the Waroona Renewable Energy Project.

Summary of Frontier Energy Ltd (ASX:FHE) Announcement

Frontier Energy Ltd (ASX:FHE) has terminated Tranche Two Placement due to the Waroona Renewable Project not being assigned capacity credits and the cancellation of the debt mandate with Infradebt Pty Ltd. Consequently, the resolutions regarding the Tranche Two Placement and the issue of shares to Mr Grant Davey will not be put to shareholders at the upcoming general meeting on 8 October 2024. The Company will provide further relevant updates regarding the next steps in relation to its Waroona Renewable Energy Project. Frontier Energy is fully committed to making the Project one of WA's major renewable energy hubs, incorporating multiple value-adding initiatives including batteries and green hydrogen, with full renewable energy potential of more than 1GW based on connection capacity.