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  • International Frontier Resources Corp. (IRF) has signed an extension to a non-binding LOI for a reverse takeover with a private oil and gas company (PrivateCo)
  • The LOI, originally dated May 3, has been extended until December 1
  • IRF also has a US$750,000 10 per cent per year secured convertible debenture (CD) private placement from PrivateCo, and an up to C$1 million non-brokered common share private placement offering at $0.25 per IRF common share
  • The net proceeds of the CD offering will be used for drilling of a well in Tecolutla, Mexico, regulatory costs and contract license fees for the area, IRF expenses related to the proposed transaction and other transactions described in the LOI
  • International Frontier Resources Corp. (IRF) is unchanged trading at $0.025 per share at 2:32 p.m. ET.

International Frontier Resources (IRF) has signed an extension to a non-binding LOI with a private oil and gas company.

The LOI for a potential reverse takeover was originally dated May 3 and has been extended until December 1.

IRF also has a US$750,000 10 per cent per year secured convertible debenture (CD) private placement from PrivateCo, and an up to C$1 million non-brokered common share private placement offering at $0.25 per IRF common share.

The net proceeds of the CD offering will be used to fund the drilling of a potential well in Tecolutla, Mexico, regulatory costs and contract license fees for the area, IRF expenses related to the proposed transaction and other expenses described in the LOI.

The CD will have a three-year term from the date of issuance and will bear an interest rate of 10 per cent per year calculated semi-annually, and payable on the CD or date of issuance.

The CD is convertible at PrivateCo’s option into resulting issuer shares of IFR at a conversion price equal to a 10 per discount to the deemed price of the shares with completion of the proposed transaction.

The minimum conversion price is equal to $0.025 multiplied by the consolidation ratio.

The proposed transaction is subject to several conditions as set forth by the LOI.

International Frontier Resources Corp. (IRF) is unchanged trading at $0.025 per share at 2:32 p.m. ET.

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