Mr. Steve Hanson reports
IFR REPORTS 2018 SECOND QUARTER FINANCIAL RESULTS
International Frontier Resources Corp. has released its financial and operating results for the three and six months ended June 30, 2018. Selected financial and operational information is set out as follows and should be read in conjunction with International Frontier Resources' June 30, 2018, interim financial statements and the related management discussion and analysis. The financial statements and management discussion and analysis are available for review on SEDAR and on the corporation's website.
Financial highlights -- second quarter of 2018
At June 30, 2018, cash and cash equivalents were $2,851,530 and working capital was $3,465,605.
During the period ended June 30, 2018, the company received aggregate proceeds of $1,056,600 from the exercise of warrants by members of the executive and technical team, the board of directors, and the investment community.
The company reported a consolidated net loss of $1,896,700 (loss of one cent per share) for the six months ended June 30, 2018, compared with a net loss of $705,070 (loss of one cent per share) for the six months ended June 30, 2017. Net income for the three months ended June 30, 2018, was $1,087,435 (loss of one cent per share) compared with a net income of $73,815 (income of 0.1 cent per share) for the quarter ended June 30, 2017.
Net income in the six months ended June 30, 2017, included a gain on sale of properties of $677,055 related to the sale of the company's Alderson property in April, 2017.
In the six months ended June 30, 2018, the company had negative cash flow from continuing operations of $1,581,365.
General and administrative costs in the first six months of 2018 were higher primarily due to general and administrative expenses related to increased activities and development focused on Mexico.
The loss from operations in the period included $871,775 in general and administrative costs (six months ended June 30, 2017: $797,770).
About International Frontier Resources
International Frontier Resources is a Canadian publicly traded company with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera SAPI de CV, and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The company also has projects in Canada and the United States, including the Northwest Territories and Montana.
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