Oct 17, 2003
Company Announces Private Placement
The Company reported today that is has negotiated a non brokered private placement of 2,000,000 units at a price of $0.30 per unit. A unit consists of one common share and one warrant, one warrant entitles the holder to purchase one common share at a price of $0.35 per share for a period of one year from closing. The private placement is subject to TSX Venture Exchange approval. The Company will pay a finders fee in accordance with applicable TSX Venture Exchange policies.
Proceeds from the private placement will be used to fund the Company's oil & gas exploration program located in the Central Mackenzie Valley, Northwest Territories and for further development of the Company's proprietary SIDOX oil production enhancement technology.
The Company said today that it has signed a letter of intent with a major Canadian Oil & Gas Company to participate in the drilling of a 3,000 meter exploratory wildcat well located in EL-397. The well will test a large structure identified by a $6 million 2D seismic program. Further details of the farmin agreement will be released upon execution of a formal agreement.
The Company also reports that subject TSX Venture Exchange approval it has reserved for future issuance 340,000 stock options to be granted at a price of $0.40 per share.
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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