Oct 26, 2005
Non Brokered Private Placement
International Frontier Resources Corporation ("IFR" TSX-V) reports that the Company will issue up to 2,400,000 units at a price of $1.70 per unit under a non-brokered private placement. A unit consists of one flow through share and one-half warrant. One full warrant entitles the holder thereof to acquire one additional common share at a price of $1.85 for a period of 180 days from the date of closing.
Proceeds from the private placement will be used to fund the Company's share of an exploration program in the Central Mackenzie Valley, Northwest Territories. The program includes one appraisal-exploration well that will appraise the reservoir encountered in the Summit Creek B-44 discovery well; the exploration component of the well will test a deeper prospective reservoir. The second well, a new field exploratory test, will evaluate three prospective reservoir targets. Operations are scheduled to commence in December 2005. The exploration program also includes 2-D seismic and a potential 3-D seismic survey scheduled to commence in Q-3, 2006. Costs incurred in the program will all qualify for Canadian Exploration Expenditures ("CEE").
The Company will pay a 6% cash commission to registered dealers who introduce the Company to accredited investors. The private placement is subject to TSX Venture Exchange approval. Pursuant to TSX-V policy, shares issued will be restricted from trading for a four month period. Management plans to participate in the private placement.
The Company also reports that it has filed an amended form 51-101 Report -- Standards of Disclosure for Oil and Gas Activities.
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.
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