IFR Signs Letter of Intent for Farm-in Arrangement with Jaguar

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[{"type":"text","content":"IFR Signs Letter of Intent for Farm-in Arrangement with JaguarCalgary, Alberta--(Newsfile Corp. - December 14, 2022) -   International Frontier Resources Corporation (TSXV: IFR) (\"IFR\") is pleased to announce that it has entered into a non-binding Letter of Intent (\"LOI\") dated November 28, 2022 with Jaguar Exploration and Produccion 2.3, S.A.P.I. de C.V. (\"Jaguar\") a company organized under the laws of Mexico and IFR's 50% partner in Tonalli Energy S.A.P.I. de C.V. (\"Tonalli\"). This LOI is with respect to a Farm-in Arrangement of Jaguar's 100% undivided working interest in the TM-01 License Contract in the Veracruz state of Mexico, immediately adjacent the existing acreage held by Tonalli. The LOI reflects the intention that IFR will acquire a working interest in the TM-01 License Contract from Jaguar in consideration for IFR issuing common shares of IFR (\"Common Shares\") to Jaguar and IFR participating in the costs of conducting certain Work Programs in relation to the TM-01 License Contract (the \"Proposed Farm-In Arrangement\"). The Proposed Farm-In Arrangement is an arm's length transaction.Completion of the Proposed Farm-in Arrangement is subject to a number of conditions as set forth in the LOI which include but are not limited to: the ‎negotiation and execution of a definitive agreement for the Proposed Farm-In Arrangement (the ‎‎\"Definitive Agreement\"); any required approvals of relevant government authorities; TSX Venture Exchange (the \"TSXV\") acceptance of the Proposed Farm-In Arrangement and the proposed IFR Financing (as defined below); closing of the IFR Financing; ‎‎satisfactory due diligence; board of director approval of IFR and Jaguar for the Proposed Farm-In Agreement; IFR shareholder approval (as described below) and Jaguar shareholder consent; and ‎other conditions typical for transactions of a similar nature. The Proposed Farm-In Arrangement and the IFR Financing cannot close until the required TSXV approval, shareholder approvals and relevant government authority approvals are ‎obtained. ‎Further updates and particulars of the Proposed Farm-In Arrangement and IFR Financing will be provided upon IFR and Jaguar entering into a Definitive Agreement. Description of the Proposed Farm-In Arrangement It is anticipated that the Pr...

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