By Laura Lutz
Washington, Feb. 22 - International Frontier Resources Ltd. settled its previously announced private placement of units and flow-through shares for C$22.7 million, including a fully exercised greenshoe for C$11.7 million.
In total, the company sold 12.4 million units at C$1.25 each and 4.8 million flow-through shares at C$1.50 each.
Each unit will consist of one non flow-through share and one half-share transferable warrant. Each whole warrant is exercisable for one non flow-through share at C$1.60 for one year.
After it was increased on Feb. 2, the greenshoe included up to 2.8 million flow-through shares and up to 6 million units.
When the deal priced on Jan. 31, the greenshoe was set at 4 million units and 1 million flow-through shares, for additional proceeds of up to C$6.5 million. It was increased to 6 million units later in the day.
Without the greenshoe, the placement was expected to include 6.4 million units and 2 million flow-through shares.
Canaccord Capital Corp. was the underwriter.
Proceeds will be used for exploration on the company's properties, for working capital and to expand its operations in the North Sea.
International Frontier is an oil and gas company based in Calgary, Alta.
| Issuer: | International Frontier Resources Ltd.
|
| Issue: | Flow-through shares and units of one non flow-through share and one half-share non flow-through warrant
|
| Amount: | C$22.7 million
|
| Underwriter: | Canaccord Capital Corp.
|
| Pricing date: | Jan. 31
|
| Amended: | Feb. 2
|
| Settlement date: | Feb. 22
|
| Stock symbol: | TSX Venture: IFR
|
| Stock price: | C$1.44 at close Jan. 31
|
| Stock price: | C$1.55 at close Feb. 2
|
| Stock price: | C$1.49 at close Feb. 22
|
|
|
| Shares
|
| Shares: | 4.8 million (includes greenshoe for 2.8 million shares)
|
| Price: | C$1.50
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 12.4 million (includes greenshoe for 6 million units)
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.60
|
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