IFR Announces Proposed Share Consolidation

About this update from International Frontier Resources Corporation

[{"type":"text","content":"IFR Announces Proposed Share ConsolidationCalgary, Alberta--(Newsfile Corp. - November 22, 2023) - International Frontier Resources Corporation (TSXV: IFR) (\"IFR\" or the \"Company\") announced today that the Directors have approved a consolidation of its common shares on the basis of one (1) new common share for every existing twenty (20) common shares (the \"Consolidation\"), subject to regulatory approval, including approval of the TSX Venture Exchange. Management believes that the Consolidation is necessary to provide the Company with a share structure that will better attract capital financing and that will provide for future growth.Effective on or about November 27, 2023, IFR will complete the Consolidation. Where the exchange results in a fractional share, the number of common shares will be ‎rounded up to the next greater whole number of common shares if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of common shares if the fractional entitlement is less than 0.5 and, in calculating such fractional interests, all common shares registered in the name of and held by such shareholder shall be aggregated. A new CUSIP number of 459976403 replaces the old CUSIP number of 459976 to distinguish between the pre- and post- consolidated shares. The Company's name and trading symbol will remain unchanged.The Consolidation is being conducted on a \"push-out\" basis. Shareholders of the Company, with or ‎without a physical share certificate, do not need to take any action with respect to the Consolidation. DRS statements for the post-Consolidation common shares will be mailed on or about November 30, 2023. ‎Existing share certificates will be cancelled. ‎Commencing at the opening of trading on or about November 27, 2023 the common shares of the Company will trade on a post-Consolidation basis on the TSX Venture Exchange. Following the Consolidation, there are expected to be 14,955,397 post-Consolidation shares outstanding. About International Frontier ResourcesInternational 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) ...

More updates from International Frontier Resources Corporation