Nov 05, 2014
IFR Announces Private Placement Closing
International Frontier Resources Corporation ("IFR" or the "Company") reported today that it had closed on its previously announced private placement (see news release dated October 1, 2014) of 2,800,000 units at a price of $0.065 per unit for gross proceeds of $182,000. 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, expiring October 29, 2016. 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 2, 2015. A director and related party purchased 100% of the unit offering. Proceeds from the placement will be applied to the Company's ongoing operations.
The Company also reported today that directors approved the grant of incentive stock options under the Company's Option Plan, aggregating 50,000 shares to a director of the Company, exercisable at a price of $0.10 per share for a term of 5 years. Directors also approved extending the exercise date of warrants issued in the Company's November 2013 private placement (see news release dated November 6, 2013) by one year such that the warrants will now expire in November 2016. The warrant extension is subject to the approval of the TSX Venture Exchange.
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 please visit www.internationalfrontier.com or contact:
Steve Hanson - President
Pat Boswell - CEO
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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