Dec 02, 2015
IFR Announces Closing of Non-Brokered Private Placement
International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE: IFR) on December 2, 2015, is pleased to announce that it has received final TSX acceptance to close its previously announced non-brokered private placement of 17,000,000 Units at a price of $0.065 per Unit for gross proceeds of $1,105,000. Each Unit consists of one (1) common share of the Company (a "Share") and one (1) common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at a price of $0.10 for a period of two years from the date of issuance. In addition, due to an oversubscription of funds, the company has closed a second tranche of units consisting of 2,161,880 Units at a price of $0.10 for gross proceeds of $216,188. Each Unit consists of one (1) common share of the Company (a "Share") and one (1) common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at a price of $0.13 for a period of two years from the date of issuance. All of the securities shall be subject to a hold period of four months plus one day from date of issuance, which will expire April 3, 2016.
The proceeds from the Private Placement will be used for working capital and to fund Mexico initiatives.
International Frontier Resources is a publicly traded company with interests in oil and gas resource projects in Canada and the United States. IFR through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures, is advancing the development of petroleum and natural gas assets in Mexico.
The Company's shares are listed on the TSX-V trading under the symbol IFR. For additional information please visit www.internationalfrontier.com or contact:
Steve Hanson - President
Tony Kinnon - VP Corporate Development
"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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