VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 6, 2013) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) is pleased to announce that Steve Hanson has joined the Company as President and Director. Pat Boswell has resigned as President and will remain Chairman and Chief Executive Officer of the Company.
With over 20 years of finance and corporate development experience, Mr. Hanson has been President of Discovery Management Services Ltd. since 2002, a venture capital consulting firm assisting early-stage companies in the development of short and long-term financing strategies. Mr. Hanson served as Chairman and Managing Director of Van Arbor Asset Management, an award winning equity money management firm from 2004 until 2008, which he founded in 2003. Van Arbor Asset Management was bought by ZLC Private Investment Management in 2008. In 2009, Mr. Hanson served as President and CEO of PanAsian Petroleum, an Oil and Gas Company that during his tenure was acquired by Ivanhoe Energy. In 2011/2012 Mr. Hanson was a Director of Lion Petroleum Corp., a private Oil and Gas Company focused on East Africa bought by Taipan Resources. He has served on numerous private and public company boards.
"We are pleased to welcome Steve as we position the company for future growth," said Pat Boswell CEO. "Steve's experience in finance and corporate development, both domestically and internationally, will be a major asset." The Company also reported that Mr. Hanson was granted an incentive stock option under the Company's stock option plan to purchase 775,000 common shares at $0.10 per share. The stock options are exercisable for a period of five-years from the date of grant.
The Company also announced today a non-brokered private placement of 4,000,000 Units at a price of $0.065 per Unit for gross proceeds of $260,000. Each Unit consists of one common share of the Company (a "Share") and one 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.
Officers, Directors and related parties are purchasing 100% of the private placement therefore it is considered to be a related party transaction for the purposes of the TSX Venture policy 5.9, however, it is exempt from the minority approval and valuation requirement of such policy. The private placement is subject to approval of the TSX Venture Exchange.
About International Frontier Resources Corporation
International Frontier is engaged in the exploration for and development of oil and natural gas reserves. The Company's oil & gas projects are located in the Tulita District of the Central Mackenzie Valley, NWT Canada, in Glacier County, NW Montana USA and in southeast Alberta. The Company's shares are listed on the TSX Venture Exchange 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.