Jan 17, 2020
IFR Completes Rights Offering
Calgary, Alberta -- January 17, 2020 -- International Frontier Resources Corporation ("IFR" or the "Company") (TSX-V: IFR) (OTCQB: IFRTF), today announced the successful completion of the previously announced rights offering (the "Offering"), subject to final approval of the TSX Venture Exchange. The Offering was over-subscribed and at closing, IFR issued 69,540,554 common shares of the Company (each a "Common Share") at a price of $0.01 per Common Share, raising total gross proceeds of approximately $695,406.
A total of 28,329,345 Common Shares were issued under the basic subscription privilege and an additional 41,211,209 Common Shares were issued under the additional subscription privilege. As of the closing date, 243,391,939 Common Shares of IFR are issued and outstanding. To the knowledge of IFR, after reasonable inquiry, no person that was not an insider of IFR became an insider as a result of the distribution under the Offering.
IFR intends to use the available funds from the Offering for the purposes identified in the rights offering circular of IFR dated November 29, 2019. However, there may be circumstances where a reallocation of the available funds may be necessary. IFR will reallocate funds only for sound business reasons.
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 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, and Montana.
The Company's shares are listed on the TSX Venture Exchange, 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
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Offering and the potential use of proceeds. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects IFR's current beliefs and is based on information currently available to IFR and on assumptions IFR believes are reasonable. These assumptions include, but are not limited to: the underlying value of IFR and its Common Shares, TSX Venture Exchange final approval of the Offering, IFR's current and initial understanding and analysis of its projects and the exploration required for such projects; the costs of exploration and drilling on IFR's projects; IFR's general and administrative costs remaining constant; and the market acceptance of IFR's business strategy. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of IFR to be materially different from those expressed or implied by such forward- looking information. Such risks and other factors may include, but are not limited to: volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; geological, technical, drilling and processing problems; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting IFR; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in IFR's disclosure documents on the SEDAR website at www.sedar.com. Although IFR has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of IFR as of the date of this news release and, accordingly, is subject to change after such date. However, IFR expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
"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.
You can return to the main News Releases page, or press the Back button on your browser.