Int'l Frontier, Pacific Rodera receive licence
See International Frontier Resources Corp (C-IFR) News Release
Pacific Rodera Ventures Inc PRD
Shares issued 37,784,376 Jun 8 2004 close $ 1.19
Wednesday June 9 2004 News Release
Mr. Pat Boswell of International Frontier reports
INTERNATIONAL FRONTIER ANNOUNCES NWT LAND SALE RESULTS
International Frontier Resources Corp. (5 per cent) (IFR), Northrock Resources Ltd. (32.5 per cent, operator), Husky Oil Operations Ltd. (29.4775 per cent), EOG Resources Canada Inc. (26.3975 per cent) and Pacific Rodera Energy Inc. (6.6250 per cent) have been awarded exploration licence No. 423 (EL-423) from the Minister for the Department of Indian and Northern Affairs Canada. EL-423 was granted to the consortium for a work program bid of $24.8-million. The licence covers an area of 226,550 acres and encompasses TDL freehold lease M-39 (11,718 acres) in which IFR holds a 10.875-per-cent interest.
The annual call for bids in the Central Mackenzie Valley covered five parcels of which four exploration licences were awarded for total work commitments of $63-million. IFR (100 per cent) was unsuccessful in a bid on CMV-3, now EL-424, as this licence was awarded to a higher bidder. EL-424 (201,520 acres) surrounds the company's TDL freehold parcels M-32 (10,682 acres) and M-33 (10,682 acres) in which IFR holds a 10.875-per-cent interest.
The company has also closed its previously announced (see news in Stockwatch on April 1, 2004) private placement of $975,000, 9.5 per cent convertible redeemable debentures. The debentures have a term of four years, pay interest at a rate of 9.5 per cent and are convertible into common shares at 60 cents per share in year one, 65 cents per share in year two, 70 cents per share in year three and 75 cents per share in year four. The debentures and any shares acquired on conversion are subject to restriction on resale until Oct. 4, 2004. |
