Non-brokered deal slated to fund working capital, Mexico initiatives
By Devika Patel
Knoxville, Tenn., June 14 – International Frontier Resources Corp. said that it will conduct a C$1.6 million non-brokered private placement of units.
The company will sell 12.8 million units of one common share and one half-share warrant at C$0.125 per unit.
Each whole, two-year warrant will be exercisable at C$0.18, a 28.57% premium to the June 13 closing share price of C$0.14.
Proceeds will be used for working capital and Mexico initiatives.
The company also said it plans to issue up to 1.28 million stock options, each exercisable at C$0.14 for five years.
Based in Calgary, Alta., International Frontier is an oil and natural gas exploration company.
| Issuer: | International Frontier Resources Corp.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1.6 million
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| Units: | 12.8 million
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| Price: | C$0.125
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.18
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| Agent: | Non-brokered
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| Pricing date: | June 14
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| Stock symbol: | TSX Venture: IFR
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| Stock price: | C$0.14 at close June 13
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| Market capitalization: | C$13.26 million
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