Nov 21, 2013
Third Quarter Results and Closing of Private Placement
International Frontier Resources Corporation (the "Company") today reported its financial results for the period ending September 30, 2013. In the third quarter the Company recorded a net loss of $29,025 ($0.00 per share) as compared to a net loss at September 30, 2012 of $136,755 ($0.002 per share). Third quarter revenue, net of royalties, was $235,525 compared to $155,750 at September 30, 2012. At September 30, 2013 cash and cash equivalents were $3,032,475 and working capital was positive $2,924,675. The Company's third quarter financial statements and accompanying Management Discussion and Analysis can be found on SEDAR and also on the Company's website.
The Company also reported today that it had closed on its previously announced private placement (see news release dated November 6, 2013) of 4,000,000 units at a price of $0.065 per unit for gross proceeds of $260,000. Each unit consisted of one common share of the Company and one share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.10 for a period of 24 months. The warrants expire on November 12, 2015. The shares forming part of the units and any shares acquired on exercise of the warrants will be subject to restrictions on resale to March 13, 2014. Proceeds of the placement will be applied to expenditures on the Company's oil and gas properties and for general working capital.
The Company also reported today that directors had approved the grant of incentive stock options under the Company's Option Plan, aggregating 350,000 shares to directors and officers of the Company, exercisable at a price of $0.10 per share for a term of 5 years.
About International Frontier Resources Corporation
International Frontier is engaged in the exploration for and development of oil and natural gas reserves. The Company's oil & gas projects are located in the Tulita District of the Central Mackenzie Valley, NWT Canada, in Glacier County, NW Montana USA and in southeast Alberta. The Company's shares are listed on the TSX Venture Exchange trading under the symbol IFR.
For additional information on the Company please visit www.internationalfrontier.com or contact:
Steve Hanson - President
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or accuracy of this release". The Company seeks Safe Harbor.
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