NOT FOR DISSEMINATION IN THE U.S. OR TO U.S. WIRE SERVICES
CALGARY, Alberta, April 02, 2019 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (IFR.V) (IFRTF) is pleased to announce that it intends to complete a non-brokered private placement for gross proceeds of up to US$3,500,000 by the issuance of up to 50,000,000 common shares at a price of US$0.07 per share.
The closing of the private placement is expected to occur on or about April 19, 2019 and is subject to regulatory approval, including the approval of the TSX Venture Exchange (the “TSX-V”). The net proceeds from the private placement will be used to finance the Corporation's continuing capital program, for further advances on IFR’s Tecolutla project and for general working capital purposes. A finder's fee of up to 6% of the gross proceeds of the private placement may be paid on all or any portion of the private placement. The common shares issued in connection with the private placement will be subject to a hold period of four months from the date of closing. For further details on the private placement, please contact the Company.
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 (Frontera) and strategic joint ventures, the Company 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-V, 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 |
|or||Tony Kinnon – Chairman |
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.
Forward-Looking Information: 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 private placement, the closing and the closing date of the private placement and the use of proceeds of the private placement. 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 market acceptance of the private placement, the ability of IFR to complete the private placement in a timely manner, TSX-V acceptance of the private placement and the use of proceeds of the private placement continuing to be acceptable and approved by the board of directors of IFR. 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: 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.