Summary · why it matters
International Frontier Resources Corporation and Kinjal Corporation announced that Petro Frontera S.A.P.I. de C.V., an IFR subsidiary that will become a subsidiary of Kinjal upon completion of the proposed reverse takeover of IFR by Kinjal, has entered into a binding credit agreement dated September 25, 2026 with Summit Ridge Capital Partners, through Summit Ridge Capital Partners Fund I LP. The Credit Agreement provides Petro Frontera with access to up to US$30 million, with US$25 million immediately available upon satisfaction of the conditions precedent and provision for a further US$5 million, expected to be drawn before December 2026, subject to mutual agreement between the parties. The senior secured facility is intended principally to finance the acquisition of the Misión asset and the associated initial work program in the field, has an initial maturity of 18 months, and carries no scheduled principal repayments during the first 12 months. Kinjal and Summit Ridge have also entered into a letter of intent providing for the maturity of US$17 million of the principal amount of the loan to be extended to a term of up to 5 years, subject to mutual consent, and the Resulting Issuer will issue to the lenders up to 3.6 million warrants, each exercisable to acquire one common share at C$1.05 per share for three years, subject to TSX Venture Exchange acceptance. Together with the proceeds from the previously completed equity financing by Kinjal and IFR, which are currently held in escrow, the facility is expected to provide sufficient funding to complete the previously announced acquisitions and farm-in transactions involving Misión, Tecolutla/Tonalli and the CS.06 and A10.CS blocks, and to fund the initial work programs required to increase positive cash flow from those assets.
Dalipal Holdings Ltd