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Fronteer Closes C$5,870,500 Over-Allotment Option
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Fronteer Development Group Inc. ("Fronteer" or the "Company") (FRG --
TSX/AMEX) is pleased to announce that in connection with its previously
announced offering (the "Offering") pursuant to its short form
prospectus dated March 8, 2007, the underwriters have partially
exercised their over-allotment option pursuant to which Fronteer has
issued today an additional 398,000 common shares at C$14.75 per share
to raise additional aggregate gross proceeds of C$5,870,500. The
Offering was underwritten by a syndicate of Canadian underwriters. The
Company intends to use the net proceeds from the Offering for strategic
investments and for future acquisitions.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended or applicable state securities laws,
and may not be offered or sold in the United States absent registration
or an exemption from the registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there by any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. All figures in this news release are in Canadian dollars.
ABOUT FRONTEER
Fronteer is a rapidly evolving company committed to building long term
value through ongoing discoveries and strategic acquisitions. There are
currently nine drill rigs operating in Turkey on three projects and one
drill rig operating in Mexico on two gold-silver projects. Fronteer has
a strong balance sheet and has a prominent foothold in an emerging
uraniumcopper- gold district in the northern Yukon. Fronteer holds a
significant interest in Aurora Energy Resources (AXU -- TSX).
For further information on Fronteer visit www.fronteergroup.com or
contact:
Camon Mak, Investor Relations
Jessica Delaney, Media Relations
PH) 604-632-4677 or Toll Free 1-877-632-4677
info@fronteergroup.com
Except for statements of historical fact contained herein, certain
information presented constitutes "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform
Act of 1995. Such forward-looking statements, including, but not
limited to, the intended use of proceeds from the offering, involve
known and unknown risks, uncertainties and other factors which may
cause actual events or results to differ materially from those
reflected in such forward-looking statements. Such factors include,
among other things, the ability of Fronteer to find suitable
acquisition targets or investments and to negotiation and find any such
acquisitions or investments on terms acceptable to Fronteer or if at
all, risks related to the exploration stage of the Fronteer's projects,
market fluctuations in prices of securities for exploration stage
companies, uncertainties about the availability of additional
financing, uncertainties related to fluctuations in uranium and gold
prices and other risks and uncertainties described in the Fronteer's
recent annual report on Form 40-F and reports on Form 6-K filed with or
furnished to the U.S. Securities and Exchange Commission. Although
Fronteer has attempted to identify important factors that could cause
actual events or results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to
be accurate as future events and actual results could differ materially
from those anticipated in such statements. Fronteer disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Accordingly, readers should not place undue reliance on
forward-looking statements.
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Copyright (c) 2007 FRONTEER DEVELOPMENT GROUP INC. (TSE-FRG) All
rights reserved. For more information visit our website at
http://www.fronteergroup.com/ or send
mailto:pressrelease@fronteergroup.com
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