CALGARY, ALBERTA--(Marketwired - March 3, 2017) - International Frontier Resources Corporation ("IFR"
or the "Company") (TSX VENTURE:IFR)(OTCQB:IFRTF) reported today that it has closed its previously announced private
placement (see news release dated January
31, 2017) ("Financing") to raise aggregate gross proceeds of CAD$5,059,085 effective March 3, 2017, which consisted of the
sale of 18,068,160 common shares at a price of CAD$0.28 per common share.
The brokered portion of the private placement led by PI Financial Corp. consisted of 8,094,445 shares for gross proceeds of
CAD$2,266,445. PI Financial Corp. was paid a commission of 6% on the brokered portion of the Financing.
Concurrently, the Company announced the closing of a non-brokered private placement that consisted of 9,973,715 shares for
gross proceeds of CAD$2,792,640. The Company will pay finders fees in accordance with the policies of the TSX Venture Exchange in
the amount of CAD$11,760.00 in respect of the non-brokered portion of the placement.
All shares issued under the brokered placement and non-brokered placement are subject to restrictions on resale expiring July
4, 2017.
"We have received significant interest from institutional and high net worth investors as well as strong support from our
shareholders," said Steve Hanson, IFR's President and CEO. "IFR is now fully funded to meet its 2017 work commitments at
Tecolutla. We look forward to advancing the development on the block and putting Tecolutla into production with workovers and new
wells planned to be drilled this year."
The proceeds from the Financing will be used to fund the Company's minimum work program and under its previously announced
license contract for the Tecolutla Block in Mexico (see news release dated August 26, 2016) and to earn into the block. Funds will also
be used to participate in the 2.3 bid round auction and for general working capital.
The Tecolutla Block was awarded to joint venture company Tonalli Energia as part of the first round and third call of Mexico's
oil and natural gas "mature fields" bid round ("Round 1.3"), the first in almost 80 years. Each of the blocks offered in Round
1.3 attracted multiple bids. (see news release dated May 12, 2016.)
About International Frontier Resources
International 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. The Company also has
projects in Canada and the United States, including the Northwest Territories, Alberta and Montana.
The Company's shares are listed on the TSX Venture, trading under the symbol IFR and on the OTCQB under the symbol IFRTF. For
additional information please visit www.internationalfrontier.com.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility or accuracy of this release". The Company seeks Safe Harbor.
FORWARD-LOOKING STATEMENTS
This news release includes certain statements that constitute "forward-looking statements" within the meaning of section
27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information" for the purposes of Canadian securities regulation (collectively,
"forward-looking statements"). All forward-looking statements are based on our beliefs and assumptions based on information
available at the time the assumption was made. IFR has tried to identify such forward-looking statements by use of such words as
"could", "should", "can", "anticipate", "expect", "believe", "will", "may", "intend", "projected", "sustain", "continues",
"strategy", "potential", "projects", "grow", "take advantage", "estimate", "well-positioned" and similar expressions, but these
words are not the exclusive means of identifying such statements.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward-looking statements. IFR believes the expectations
reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to
be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date
specified in the statements. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and
assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or
implied by such statements, including those material risks and assumptions discussed in our most recently filed annual
Management's Discussion & Analysis and Annual Information Form.
Therefore, IFR's actual results, performance or achievements could differ materially from those expressed in, or implied
by, these forward-looking estimates and if such actual results, performance or achievements transpire or occur, or if any of them
do so, there can be no certainty as to what benefits IFR will derive therefrom. We do not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
required pursuant to applicable securities laws. All subsequent forward-looking statements, whether written or oral, attributable
to IFR or persons acting on the Company's behalf are expressly qualified in their entirety by these cautionary
statements.