Frontera Resources raises £2.5m via PrimaryBid.com

European oil and gas explorer Frontera Resources said it had raised £2.5m using the online AIM-market crowdfunding website PrimaryBid.com.

The company said it would allot and issue 536.5m new ordinary shares as a result.

The proceeds will be used for operations on wells in the company's Taribani and Mtsarekhevi operations in Georgia.

Frontera chief executive Zaza Mamulaishvili said: “We are delighted to have once again used PrimaryBid's innovative platform that allowed investors who have supported us in the past, along with a growing number of new investors, to access this offer.”

“It is very encouraging to see such interest in the company and its current operations."