Fremont Petroleum Corporation Completes $1.7M Placement • Funds...

Fremont Petroleum Corporation Completes $1.7M Placement • Funds to be allocated to 2017 Development Drilling Program • Drilling to commence in coming weeks. Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company”) advises that it has completed a placement of its securities (Placement) to raise AUD$1.7 million (before costs) to advance the development of the Company’s oil project in Fremont County, Colorado. The Placement will comprise the issue of 48,900,000 shares (Tranche 1 Shares) to sophisticated and professional investors at an issue price of $0.02 per share, together with one free attaching options for every two shares subscribed for and issued under the Placement(Tranche 1). The options will be unquoted options exercisable at $0.045 each on or before 15 July 2018. Xcel Capital Pty Ltd is acting as Lead Manager to the Placement. The issue of the Tranche 1 Shares under the Placement will be issued out of the Company's placement capacities pursuant to ASX Listing Rule 7.1 and 7.1A. The Company will also seek shareholder approval to approve the issue of up to a further 50,000,000 shares (Tranche 2) and 49,450,000 options (the attaching options for both placement tranches) at a General Meeting of shareholders to be held in August 2017. The funds raised from the Placement will be allocated to drilling further development wells at the Pathfinder project and for working capital.