International Frontier Resources Closes Over Subscribed Private Placement

International Frontier Resources Corp. (TSXV:IFR) has closed its previously announced private placement to raise aggregate gross proceeds of $5,059,085, effective March 3, 2017, which consisted of the sale of 18,068,160 common shares at a price of 28 cents per common share.
The brokered portion of the private placement led by PI Financial Corp. consisted of 8,094,445 shares for gross proceeds of CAD$2,266,445. PI Financial Corp. was paid a commission of 6% on the brokered portion of the Financing.
Concurrently, the Company announced the closing of a non-brokered private placement that consisted of 9,973,715 shares for gross proceeds of CAD$2,792,640. The Company will pay finders fees in accordance with the policies of the TSX Venture Exchange in the amount of CAD$11,760.00 in respect of the non-brokered portion of the placement.
All shares issued under the brokered placement and non-brokered placement are subject to restrictions on resale expiring July 4, 2017.
“We have received significant interest from institutional and high net worth investors as well as strong support from our shareholders,” said Steve Hanson, IFR’s President and CEO. “IFR is now fully funded to meet its 2017 work commitments at Tecolutla. We look forward to advancing the development on the block and putting Tecolutla into production with workovers and new wells planned to be drilled this year.”
The proceeds from the Financing will be used to fund the Company’s minimum work program and under its previously announced license contract for the Tecolutla Block in Mexico (see news release dated August 26, 2016) and to earn into the block. Funds will also be used to participate in the 2.3 bid round auction and for general working capital.
The Tecolutla Block was awarded to joint venture company Tonalli Energia as part of the first round and third call of Mexico’s oil and natural gas “mature fields” bid round (“Round 1.3”), the first in almost 80 years. Each of the blocks offered in Round 1.3 attracted multiple bids. (see news release dated May 12, 2016.)
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, Alberta and Montana.