Mar 14, 2003
Frontier Announces Stock Options and Debenture Amendment
International Frontier Resources Corporation (the "Company") reported today that previously issued stock options granted to Directors, management and consultants for the periods from July 10, 1998 through July 17, 2000 covering 651,000 shares have been cancelled. The exercise price of the cancelled stock option agreements range from $0.40 to $0.50 per share.
The Company also reported that it has granted new stock options to Directors, management and consultants aggregating 850,000 common shares exercisable at a price of $0.25 per share. The options have a term of five years. The exercise price of $0.25 represents a 65% premium over the preceding twelve month trading price of the Company's shares. The issuance of the options is subject to TSX Venture Exchange approval.
The Company also announced that it is seeking approval from the TSX Venture Exchange to amend the conversion price of an existing $400,000 Convertible Debenture. The current conversion price of the Debenture is $0.50 per share in 2003 and $0.75 per share in 2004. The proposed amended conversion price is $0.25 in 2003 and $0.37 in 2004.
International Frontier Resources Corporation is a junior oil & gas company exploring in the Central Mackenzie Valley area of the Northwest Territories. The company holds an interest in four Exploration Licenses and ten Freehold Parcels covering 1.1 million gross acres.
For additional information contact:
Pat Boswell, President & CEO
Phone: 403- 215-2780
Fax: 403- 215-2788
The Toronto Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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