IFR Closes Over Subscribed Brokered Offering of Units

About this update from International Frontier Resources Corporation

[{"type":"text","content":"IFR Closes Over Subscribed Brokered Offering of UnitsCalgary, Alberta--(Newsfile Corp. - April 25, 2024) - International Frontier Resources Corporation (TSXV: IFR) (\"IFR\" or the \"Company\") is pleased to announce that it has closed its previously announced offering (see news release dated April 2, 2024) to raise aggregate gross proceeds of $816,500, which consisted of the issuance of 16,330,000 units of the Company (the \"Units\") at a price of $0.05 per Unit (the \"Offering\").Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant will entitle the holder thereof to purchase one additional Common Share (a \"Warrant Share\") for a period of 5 years following the closing of the Offering at an exercise price of $0.10 per Warrant Share. The Warrants have an acceleration provision, whereby if the volume weighted average trading ‎price of the Common Shares on the TSX Venture Exchange (the \"TSXV\") is ‎at least $0.20 over ‎a period of 25 consecutive trading days, IFR will have the right to accelerate the expiry date of ‎the Warrants to 30 days from the date that notice is given to the holders of warrants. ‎The Offering consisted of a combination of: a) 4,782,000 Units for gross proceeds of $239,100 pursuant to the listed issuer financing exemption available under Part 5A of ‎National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\")‎; andb) 11,548,000 Units, including 1,488,000 Units issued pursuant to an over-allotment option granted to the Agent (as defined below) for gross proceeds of $577,400 pursuant to a short form ‎offering document in accordance with TSXV Policy 4.6 and Part ‎‎5 of NI 45-106.Pursuant to the Offering, Leede Jones Gable Inc. (the \"Agent\") received: (i) a commission in the amount of 10% of the gross proceeds of the Offering payable in cash of $81,650 (ii) 1,633,000 broker warrants exercisable at any time prior to the date that is 5 years from the closing to acquire that number of Units of the Company at an exercise price of $0.05 per Unit; and (iii) a corporate finance fee. The net proceeds of the Offering will be used for general and administrative expenses and for general work...

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