IFR announces $750K brokered offering of units, reduction of $962K liability in Mexico

Worldwide Frontier Sources (TSXV:IFR:CA) Tuesday introduced an settlement to promote as much as 15M items for $0.05 per unit for proceeds of as much as $750,000.

The web proceeds of the providing can be used for normal and administrative bills and normal working capital.

Every unit would consist of 1 widespread share and one-half of 1 widespread share buy warrant.

The company additionally introduced that its working subsidiary in Mexico, which is owned by way of a three way partnership with Jaguar Exploracion Produccion de Hidrocarburos and the IFR’s Mexican unit Petro Frontera issued shares to every of Jaguar and Frontera for quantities contributed to Tonalli in the course of the yr ended December 31, 2023.

The whole quantity owed by Frontera to Tonalli in the course of the yr ‎ended December 31, 2023, was $962,385.

In consequence, Jaguar was issued shares for all quantities contributed to Tonalli by Jaguar, together with Frontera’s share of contributions owing, Jaguar now ‎owns 57.37% and Frontera ‎owns 42.63% of the excellent shares of Tonalli.

IFR additionally mentioned that it intends to settle excellent ‎indebtedness within the mixture quantity of $340,000 owing to sure officers and consultants of IFR, by way of the issuance of an mixture of 6.8M Shares at a deemed value of $0.05 per share.