International Frontier Resources Corporation
TSX VENTURE : IFR

International Frontier Resources Corporation

February 22, 2007 11:30 ET

International Frontier Completes $22.7 Million Financing

CALGARY, ALBERTA--(CCNMatthews - Feb. 22, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA U.S. NEWSWIRE SERVICES.

International Frontier Resources Corporation (TSX VENTURE:IFR) reports that it has completed a previously announced bought-deal financing to raise proceeds of $22,700,000. Canaccord Capital Corporation acted as Underwriter for the bought-deal financing.

The Company issued 12,400,000 units at a price of $1.25 per unit and 4,800,000 flow-through shares at a price of $1.50 per flow-through share. Each unit is comprised of one common share and one-half warrant. One full warrant entitles the holder, on exercise, to purchase one additional non flow-through common share at a price of $1.60 on or before February 22, 2008. Concurrently with the issuance of the units and flow-through shares the Company issued 1,204,000 underwriter warrants which entitle the holder, on exercise, to purchase one common share at a price of $1.60 on or before February 22, 2008. In addition the Company issued 100,000 Corporate Finance Units to the underwriter. Each unit consists of one common share and one warrant and one warrant entitles the holder to acquire one common share at a price of $1.60 on or before February 22, 2008. The shares and warrants issued are restricted from trading until June 23, 2007.

Proceeds from the underwriting, together with existing working capital of approximately $12,500,000, will be used to fund the Company's share of a five-well drilling program in the U.K. sector of the North Sea comprised of the Laurel Valley (Quad 14), Ridgewood (12/17a), Lytham (Quad 41/42) and Bowmore (Quad 15) prospects. Proceeds from the flow-through component of the financing will be used to incur Canadian Exploration Expenses on the Company's exploration programs located in the Tulita and Colville Hills areas of the Northwest Territories, Canada. The Company has budgeted for 2D & 3D seismic, one firm well and one contingent well in the Northwest Territories.

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • International Frontier Resources Corporation
    Pat Boswell
    President
    (403) 215-2781
    or
    International Frontier Resources Corporation
    Mark Powell
    VP Exploration
    (403) 215-2783
    (403) 215-2788 (FAX)
    Website: www.internationalfrontier.com