CALGARY, ALBERTA--(Marketwired - June 14, 2016) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) on June 14, 2016, announced that the Corporation has agreed to a non-brokered private placement offering for up to 12,800,000 Units at a price of $0.125 per Unit for gross proceeds of up to $1,600,000. Each Unit consists of one (1) common share of the Company (a "Share") and one-half common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Share at a price of $0.18 for a period of two years from the date of issuance. The proceeds from the Private Placement will be used for working capital and to fund Mexico initiatives. The Company may pay finder's fees in accordance with TSX Venture Exchange policies.
The Company also plans to issue up to 1.28 million stock options with an exercise price of $0.14 and an expiry date of five years from the date of grant.
The private placement and stock option grant is subject to approval of the TSX Venture Exchange.
International Frontier Resources is a publicly traded company with interests in oil and gas resource projects in Canada and the United States. With projects located in the Northwest Territories, Southeast Alberta and in the Southern Alberta Basin, North West Montana, we are seeking to advance the development of our highly prospective, under explored regions. IFR through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures is advancing the development of petroleum and natural gas assets in Mexico. The Company's shares are listed on the TSX-V trading under the symbol IFR. For additional information please visit www.internationalfrontier.com.
"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 or accuracy of this release". The Company seeks Safe Harbor.
Source: Marketwired (Canada)
(June 14, 2016 - 1:56 PM EDT)
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