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

About this update from International Frontier Resources Corporation

[{"type":"text","content":"IFR Signs New Letter of Intent with Jaguar with Option to Extend Proposed Farm-In Arrangement or Option to Purchase AssetsCalgary, Alberta--(Newsfile Corp. - May 9, 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 (the \"Letter of Intent\") dated April 28, 2023 which provides Jaguar with the following options (1) the option to extend the current Proposed Farmin Arrangement, first announced on December 14, 2022 for 90 days past its current long stop date of April 30, 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\").Completion of either the Proposed Farm-in Arrangement or the Option to Purchase are subject to a number of conditions which include but are not limited to the ‎negotiation and execution of a definitive agreement for the Proposed Farm-In Arrangement upon exercise by Jaguar of the Option to Extend, or negotiation and completion of a Purchase and Sale Agreement upon exercise by Jaguar of the Option to Purchase. If either option is exercised by Jaguar, neither the Proposed Farm-In Arrangement nor the proposed sale of Tonalli's shares as described above can close until all the required approvals including TSX Venture Exchange (\"TSXV\") approval, shareholder approvals and relevant government authority approvals are ‎obtained.‎ The Option to Extend and the Option to Purchase, if exercised by Jaguar, are arm's length transactions. There are no ‎finder's fees or commissions payable in connection with the Option to Extend or Option to Purchase.‎Option to ExtendWith respect to the Proposed Farm-In Arrangement, the Option to Extend has been granted by IFR to Jaguar as the final form of the unexecuted Definitive Agreement contemplated pursuant to a letter of intent (\"LOI\") dated November 28, 2022 and expiring on April 30, 2023. As per the terms of the Letter of Intent, Jaguar and IFR mutually agree that Jaguar is being given the Option to Extend the long stop date of the Proposed Farm-in Arrangement o...

More updates from International Frontier Resources Corporation