Frontier Acquisition Corp. Announces Closing of Initial Public Offering

This news release does not constitute an offer to sell or a solicitation of any offer to buy the common shares in the United States.  The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption for the registration requirements of such Act.

CALGARY, Feb. 13, 2012 /CNW/ - Frontier Acquisition Corp. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 10,000,000 common shares (the "Common Shares") at $0.20 per share for total gross proceeds to the Company of $2,000,000 with Raymond James Ltd., as agent (the "Agent"). As a result of this issuance, the Corporation has 13,675,001 Common Shares issued and outstanding (3,625,001 of which are subject to escrow restrictions).

In connection with the Offering, the Corporation granted to the Agent an option to acquire an aggregate of 1,000,000 Common Shares (the "Agent's Option") at an exercise price of $0.20 per share. The Agent's Option will expire 24 months from the date the Common Shares are listed on the TSX Venture Exchange (the "Exchange"). The Agent also received a cash commission equal to 10% of the gross proceeds of the offering and reimbursement of all fees and expenses.

Upon closing of the Offering, the Corporation granted incentive stock options to acquire an aggregate of 1,362,500 Common Shares at an exercise price of $0.20 per share to the directors and officers of the Corporation, which expire 10 years from the date of grant.

About the Corporation

The Corporation is a capital pool company within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash.  The board of directors of the Corporation consists of John R. Jacobs, Bradford N. Creswell, Trevor Haynes, Darin R. Coutu, Edward J. Redmond, Don Basnett and Darrell R. Peterson. The officers of the Corporation are John R. Jacobs, Bradford N. Creswell and Lisa M. Mortell. Except as specifically contemplated in the Exchange CPC policy, until the completion of its Qualifying Transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction. The Exchange has conditionally approved the listing of the Common Shares and the Corporation now intends to make application for final approval. It is expected that the Common Shares will commence trading on the Exchange under the trading symbol "FFF".

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information

This news release contains statements about the Corporation's expectations regarding the completion of the application for listing and the commencement of trading on the Exchange that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the Exchange.  Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable as the Corporation assumes it will be able to fulfill the terms of the conditional listing approval granted by the Exchange, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements.  Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to fulfill conditions of listings and inability to obtain required regulatory approvals.  The forward-looking statements contained in this news release are made as of the date hereof, and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

SOURCE Frontier Acquisition Corp.

For further information:

Frontier Acquisition Corp. 
Bradford N. Creswell - President and Director
Phone: (206) 689-5685
Fax: (206) 204-1710

Profil de l'entreprise

Frontier Acquisition Corp.

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