Jul 31, 2003
Frontier Announces Private Placement
The Company reported today that it has negotiated a private placement of 1,500,000 units at a price of $0.18 per unit. A unit consists of one common share and one warrant. One warrant entitles the holder to acquire one additional common share at a price of $0.24 per share for a period of 180 days from closing. The non-brokered private placement was conditionally approved by the TSX Venture Exchange on July 11th, 2003.
The Company also announced today that the TSX Venture Exchange has approved the re-pricing of the Company's $425,000 Convertible Debenture. The conversion price of the debenture has been amended to $0.40 per share up to December 31, 2003 and at a price of $0.45 per share up to the debentures maturity date of December 31, 2004. The previous conversion price per share was $0.45 in 2003 and $0.75 in 2004.
Proceeds from the private placement will be used to fund the Company's oil and gas exploration program in the Central Mackenzie Valley area, Northwest Territories and for further development of the Company's oil production enhancement technology held in the Company's wholly owned subsidiary Sidox Chemicals Canada Ltd.
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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