IFR receives option to buy Tonalli shares

Petro Frontera, a wholly owned subsidiary of International Frontier Resources Corp. (IFR), Calgary, has received an option to buy all shares of the Mexican Tonalli Energia joint venture held by partner Grupo IDESA.

Through Petro Frontera, IFR holds 50% of outstanding Tonalli shares. IDESA holds the rest.

Tonalli has a license for oil and gas development on Tecolutla Block in Veracruz, Mexico (OGJ Online, Aug. 8, 2018).

On exercise of the option, which expires on Sept. 25, 2020, IDESA would receive 70 million shares of IFR, less the number of shares to which it has agreed to subscribe for at least $1 million (Can.) in a private placement to be completed before Mar. 25, 2019.