International Frontier Resources Corporation (TSXV:IFR) announced that it has signed a letter of intent with Simmons Edeco Inc. for the gross proceeds of $7,000,000 on December 10, 2020. The transaction will complete in 2 tranches, Tranche 1 will consists of $1,000,000 and Tranche 2 will consists of $6,000,000 which is subject to certain conditions being met. The closing of transaction is subject to completion of due diligence where Simmons will conduct financial, geological and operational due diligence and execution of the Definitive Agreement.