Sep 11, 2003
Private Placement Closed
The Company announced today that it has closed a private placement of 1,420,000 units at a price of $0.18 per unit. Each unit consists of one common share and one non-transferable warrant. One warrant entitles the holder to acquire one common share for a period of 180 days at a price of $0.24 per share. The shares issued under the private placement are restricted from trading until January 9th, 2004.
Proceeds from the private placement will be used to fund the company's share of a 3000 meter exploration well located on EL-397 in the Central Mackenzie Valley, Northwest Territories, and for identifying producing oil properties that the company plans to conduct pilot projects on using the Sidox oil production enhancement technology. Sidox is a relative permeability modifier that has reduced water cuts and increased oil production in field tests as reported by Enhanced Recovery Systems Ltd. of London England. For additional information on the NWT project and on Sidox visit the company's web site.
International Frontier is a junior oil and gas company listed on the TSX Venture Exchange trading under the symbol "IFR". For additional information contact Pat Boswell (403-215-2780) or Mark Powell (403-215-2783) or visit www.frontier-resources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
This news release is not for distribution to US news wire services or for dissemination in the United States and does not constitute an offer of the securities described herein.
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