IFR Signs Amended Letter of Intent with Jaguar with Option to Extend Proposed Farm-In Arrangement or Option to Purchase Assets

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[{"type":"text","content":"IFR Signs Amended Letter of Intent with Jaguar with Option to Extend Proposed Farm-In Arrangement or Option to Purchase AssetsCalgary, Alberta--(Newsfile Corp. - July 28, 2023) - International Frontier Resources Corporation (TSXV: IFR) (\"IFR\") announces that it has entered into an agreement with Jaguar Exploracion S.A.P.I. de C.V. (\"Jaguar\"), a privately owned Mexican oil and gas company to extend the Letter of Intent previously announced on May 9, 2023. (the \"Amended Letter of Intent\"). In accordance with the Amended Letter of Intent Jaguar will have until August 31, 2023 to exercise the following options (1) the option to extend the long stop date of the current Proposed Farmin Arrangement, first announced on December 14, 2022 to August 31, 2023 (the \" Option to Extend\") or (2) the option to purchase IFR's shares of Tonalli Energia S.A.P.I de C.V. (\"Tonalli\") currently held by Petro Frontera S.A.P.I. de C.V. (\"Frontera\") the Company's wholly owned Mexican subsidiary (the \"Option to Purchase\"). In consideration for the extension Jaguar has agreed to make an additional payment of US$87,500 to IFR. Further updates and particulars of will be provided upon IFR and Jaguar entering into a definitive agreement with respect to the Proposed Farm-In Arrangement should Jaguar exercise the Option to Extend or the Purchase and Sale Agreement for the Sale to Jaguar of IFR's shares of Tonalli should Jaguar exercise the Option to Purchase.Trading HaltTrading in IFR's Common Shares on the TSXV is halted and will remain halted until the documentation required by the TSXV in relation to the transactions described in this news release has been reviewed and accepted by the TSXV. 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) and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. IFR also has projects in Canada and the United States, including the Northwest Territories, Alberta, and Montana.IFR's Common Shares are listed on the TSXV, trading under the symbol IFR. For additional information please visit www.internationalfrontier.com.For further information Tony Kinnon...

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