$IFR.V

International Frontier, Kinjal Close Initial Tranche of Equity Financing

International Frontier Resources (IFR.V) reported the closing of the initial tranche of a previously announced subscription receipt equity private placement offering, raising C$31.8 million in proceeds.The offering was launched in connection with Kinjal's proposed reverse takeover of International Frontier. The second close is expected on July 27, the oil and gas company said Friday.In total, International Frontier expects to raise up to C$40 million in proceeds from the offering. International Frontier plans to use the proceeds to fund its proposed asset transactions in Mexico, as well as for working capital and general corporate purposes.