Mar 03, 2017
International Frontier Resources Closes Over Subscribed Private Placement
Calgary, Alberta -- March 3, 2017 -- International Frontier Resources Corporation ("IFR" or the "Company") (TSX-V: IFR) (OTCQB: IFRTF) reported today that it has closed its previously announced private placement (see news release dated January 31, 2017) ("Financing") to raise aggregate gross proceeds of CAD$5,059,085 effective March 3, 2017, which consisted of the sale of 18,068,160 common shares at a price of CAD$0.28 per common share.
The brokered portion of the private placement led by PI Financial Corp. consisted of 8,094,445 shares for gross proceeds of CAD$2,266,445. PI Financial Corp. was paid a commission of 6% on the brokered portion of the Financing.
Concurrently, the Company announced the closing of a non-brokered private placement that consisted of 9,973,715 shares for gross proceeds of CAD$2,792,640. The Company will pay finders fees in accordance with the policies of the TSX Venture Exchange in the amount of CAD$11,760.00 in respect of the non-brokered portion of the placement.
All shares issued under the brokered placement and non-brokered placement are subject to restrictions on resale expiring July 4, 2017.
"We have received significant interest from institutional and high net worth investors as well as strong support from our shareholders," said Steve Hanson, IFR's President and CEO. "IFR is now fully funded to meet its 2017 work commitments at Tecolutla. We look forward to advancing the development on the block and putting Tecolutla into production with workovers and new wells planned to be drilled this year."
The proceeds from the Financing will be used to fund the Company's minimum work program and under its previously announced license contract for the Tecolutla Block in Mexico (see news release dated August 26, 2016) and to earn into the block. Funds will also be used to participate in the 2.3 bid round auction and for general working capital.
The Tecolutla Block was awarded to joint venture company Tonalli Energia as part of the first round and third call of Mexico's oil and natural gas "mature fields" bid round ("Round 1.3"), the first in almost 80 years. Each of the blocks offered in Round 1.3 attracted multiple bids. (see news release dated May 12, 2016.)
About International Frontier Resources
International Frontier Resources Corporation (IFR) is a Canadian publicly traded company with a demonstrated track record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The Company also has projects in Canada and the United States, including the Northwest Territories, Alberta and Montana.
The Company's shares are listed on the TSX Venture, trading under the symbol IFR and on the OTCQB under the symbol IFRTF. For additional information please visit www.internationalfrontier.com.
For further information:
Steve Hanson -- President and CEO
Tony Kinnon -- Chairman
"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.
This news release includes certain statements that constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" for the purposes of Canadian securities regulation (collectively, "forward-looking statements"). All forward-looking statements are based on our beliefs and assumptions based on information available at the time the assumption was made. IFR has tried to identify such forward-looking statements by use of such words as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "intend", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well-positioned" and similar expressions, but these words are not the exclusive means of identifying such statements.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. IFR believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date specified in the statements. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks and assumptions discussed in our most recently filed annual Management's Discussion & Analysis and Annual Information Form.
Therefore, IFR's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking estimates and if such actual results, performance or achievements transpire or occur, or if any of them do so, there can be no certainty as to what benefits IFR will derive therefrom. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws. All subsequent forward-looking statements, whether written or oral, attributable to IFR or persons acting on the Company's behalf are expressly qualified in their entirety by these cautionary statements
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