International Frontier Res. Corp (IFRTF)

[farml1234]

options granted to management and others


V.IFR | 14 hours ago

CALGARY, Alberta, June 10, 2019 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (TSX-V: IFR) (OTCQB: IFRTF) announced today that subject to regulatory approval, the Company has granted, pursuant to its Incentive Stock Option Plan, 7,250,000 stock options to purchase common shares to directors, officers and consultants of IFR, with an exercise price of $0.08 per share and an expiry date of June 10, 2024. Of the options granted, 450,000 vest immediately, with the remaining 6,800,000 vesting over three years from the date of grant.

The Company relied on section 5.5(b) of Multilateral Instrument 61-101 as the exemption from ?the formal valuation requirements of MI 61-101 in respect of the grant of options to the directors and officers of ?the Company, as the common shares of the Company are not listed on a specified market (and ?the common shares are only listed on the TSX Venture Exchange). The Company relied on ?section 5.7(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-??101 in respect of the grant of options to the directors and officers of the Company, as neither the fair market ?value of the subject matter of, nor the fair market value of the consideration for, the grant of the ?options to the director of the Company exceeded 25% of the Company’s market capitalization.?