Frontier Lithium Inc. (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) is pleased to announce that it has closed its previously announced bought deal prospectus offering. Pursuant to the Offering, the Company issued 10,465,000 units of the Company, including 1,365,000 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) in connection with the Offering, at a price of C$2.20 per Unit representing total gross proceeds of C$23,023,000.

The Offering was completed through a syndicate of underwriters co-led by RBC Capital Markets and Goldman Sachs Canada Inc. and including BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc. The Underwriters received a cash commission equal to 5.5% of the gross proceeds of the Offering.

Each Unit consists of one common share of the Company  and one-half of one common share purchase warrant of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of C$2.75 for a period of 36 months following the closing of the Offering.

The net proceeds of the Offering will be used by the Company to fund exploration and development activities at the PAK Lithium Project, located in Northwestern Ontario, as well as general administration and corporate purposes, as further described in the Prospectus.

The Units were offered by way of short form prospectus in all of the provinces of Canada (except Quebec) pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Units were also offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and such other jurisdictions as agreed between the parties. The Offering remains subject to the final acceptance of the TSXV.

The Units have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. Persons.

About Frontier Lithium

Frontier Lithium is a preproduction business that is targeting to become a manufacturer of battery-quality lithium materials to support electric vehicle and battery supply chains in North America. Frontier is developing the PAK Lithium Project which contains one of North America’s highest-grade, large-tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The project continues to have significant exploration upside with potential to increase the lithium resource. The Company is a pure-play lithium development opportunity with the largest land position in a premium lithium mineral district located in Northern Ontario.

About the PAK Lithium Project

The PAK Lithium Project contains one of North America’s highest grade lithium resource. A 2021 preliminary economic assessment (National Instrument 43-101 technical report titled “NI 43-101 Technical Report, Pak Property, PAK, Red Lake Mining District, Ontario, Canada” by BBA E&C Inc., with an effective date of April 5, 2021) delivered a fully integrated lithium operation from the resource to achieve downstream conversion plan for production of battery-quality lithium salts. The Project encompasses close to 27,000 hectares at the south end of Ontario’s Electric Avenue, the largest land package hosting premium lithium-bearing pegmatites in Ontario. The Project covers 65 kilometres of the Electric Avenue’s length and remains largely unexplored; however, since 2013, the company has delineated two premium spodumene-bearing lithium deposits (PAK and Spark), located 2.3 kilometres apart. Exploration is ongoing on the Project through two other spodumene-bearing discoveries: the Bolt pegmatite (located between the PAK and Spark deposits), as well as the Pennock pegmatite (25 kilometres northwest of PAK Deposit within the project claims).