Calgary, Alberta--(Newsfile Corp. - July 10, 2026) - International Frontier Resources Corporation (TSXV: IFR) ("IFR") and Kinjal Corporation ("Kinjal") are pleased to announce the first close of the previously announced subscription receipt equity private placement offering (the "Concurrent Financing") in connection with the proposed reverse takeover of IFR by Kinjal (the "RTO Transaction"). The second close is expected to be on July 27, 2026.
Thus far, IFR and Kinjal have received executed subscription agreements totaling approximately C$35.4 million. The closing of the first tranche of the Concurrent Financing resulted in aggregate gross proceeds of C$31.8 million, and the second tranche of the Concurrent Financing will be completed for an incremental minimum of approximately C$3.6 million, resulting in the Concurrent Financing being completed for a minimum of C$35.4 million and up to C$40 million in aggregate gross proceeds.
Warren Levy, CEO of Kinjal stated "given the positive evolution of the Mexican gas market both economically and politically since we initiated the transaction process and the further progress with our lenders as we work towards execution of the definitive credit agreement, we are confident that the Concurrent Financing will provide the right level of funding to close on the announced transactions and develop the assets on a timely basis."
The Concurrent Financing is being led by Research Capital Corporation ("RCC"), as lead agent and sole bookrunner, on behalf of a syndicate of agents including Canaccord Genuity Corp. and ATB Capital Markets Corp. (collectively, the "Agents").
The first tranche closing of the Concurrent Financing for aggregate gross proceeds of C$31.8 million consists of:
a) 36,259,742 subscription receipts of Kinjal (the "Kinjal Subscription Receipts") at a price of C$0.80 per Kinjal Subscription Receipt; and
b) 3,545,000 subscription receipts of IFR (the "IFR Subscription Receipts") at a price of C$0.80 per IFR Subscription Receipt.
Each Kinjal Subscription Receipt entitles the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of the Escrow Release Conditions (as defined herein) to receive one unit of Kinjal (a "Kinjal Unit"). Each Kinjal Unit consists of one common share of Kinjal (a "Kinjal Share") and one-half of one common share purchase warrant of Kinjal (each whole warrant, a "Kinjal Warrant").
Each IFR Subscription Receipt entitles the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of the Escrow Release Conditions (as defined herein) to receive one unit of IFR (an "IFR Unit"). Each IFR Unit consists of one common share of IFR (on a post- Share Consolidation (as defined below) basis) (an "IFR Share") and one-half of one common share purchase warrant of IFR (each whole warrant, an "IFR Warrant").