Nov 03, 2005
IFR acquires an interest in a North Sea Inner Moray Firth License and increases non brokered financing
International Frontier Resources Corporation (IFR -- TSX-V) has agreed to acquire a 5% interest in a UKCS license covering block12/23 (split). The Company has agreed to participate for its share of the work commitment associated with the promote license. Partners in block 12/23 are: Endeavor Exploration UK (33.33% operator), Hunt Oil UK (33.33%), Palace Exploration Company (UK) Ltd (28.33%) and International Frontier (5%). Block 12/23 adjoins promote license (Block 12/17) in the Inner Moray Firth area that was issued in September 2005 to Palace Exploration Company (UK) Ltd. (50% operator) and International Frontier (50%).
The Company also reports that it has increased the size of its non brokered private placement announced on October 25, 2005. The offering was increased from 2,400,000 units to 3,275,000 units at a price of $1.70 per unit for total proceeds of $5,567,500. A unit consists of one common flow through share and one-half of a warrant. One full warrant entitles the holder to acquire one common share at a price of $1.85 for a period of 180 days from closing,. Institutional investors subscribed for 30% of the issue. The additional proceeds from the offering will be used to accelerate the evaluation of the Company's prospects in the Colville Hills and Hay River areas of the Northwest Territories.
For additional information visit the Company's website at www.internationalfrontier.com or contact;
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 intended 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.
You can return to the main News Releases page, or press the Back button on your browser.