CALGARY, Alberta, June 10, 2019 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (IFR.V) (IFRTF) announced today that subject to regulatory approval, the Company has granted, pursuant to its Incentive Stock Option Plan, 7,250,000 stock options to purchase common shares to directors, officers and consultants of IFR, with an exercise price of $0.08 per share and an expiry date of June 10, 2024. Of the options granted, 450,000 vest immediately, with the remaining 6,800,000 vesting over three years from the date of grant.
The Company relied on section 5.5(b) of Multilateral Instrument 61-101 as the exemption from the formal valuation requirements of MI 61-101 in respect of the grant of options to the directors and officers of the Company, as the common shares of the Company are not listed on a specified market (and the common shares are only listed on the TSX Venture Exchange). The Company relied on section 5.7(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the grant of options to the directors and officers of the Company, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the grant of the options to the director of the Company exceeded 25% of the Company’s market capitalization.
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, it 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 Venture, 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|
|(403) 215-2780||(403) 215-2780|
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.