June 29, 2016 16:34 ET
CALGARY, ALBERTA--(Marketwired - June 29, 2016) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR), on June 29, 2016, is pleased to announce that it has received final TSX acceptance to close its previously announced non-brokered private placement of 12,800,000 Units at a price of $0.125 per Unit for gross proceeds of $1,600,000. Each Unit consists of one (1) common share of the Company (a "Share") and one-half common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Share at a price of $0.18 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 expires October 30, 2016. There were no finders fees payable. The proceeds from the Private Placement will be used for working capital and to fund Mexico initiatives.
The Company also reported that the directors had approved the grant of a total of 900,000 incentive stock options under the Company's stock option plan to directors, officers and consultants to the Company. The options are exercisable at a price of $0.15 per share and have a term of five years.
International Frontier Resources is a publicly traded company and 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 has projects in Canada and the United States including the NWT, Alberta and Montana.
The Company's shares are listed on the TSX-V trading under the symbol IFR. For additional information please visit www.internationalfrontier.com.
"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.
Steve HansonPresident(604) 671-6982Tony KinnonVP Corporate Development(403) 215-2781www.internationalfrontier.com
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