Frontier Lithium Inc. (TSX-V: FL) (OTCQX: LITOF) (FSE: HL2) announces the closing of a non-brokered flow-through private placement. Due to oversubscribed demand, the flow through financing will increase from 1,538,462 units (see news release dated March 25, 2021) to 1,822,708 Units at a price of $1.30 per Unit for gross proceeds of up to $2,369,520 subject to TSX Venture Exchange approval.

“We were able to exceed our targeted raise in the last two rounds of financings and I wanted to express my thanks to those investors who participated and provided a strong vote of confidence of the PAK Lithium Project and our growing team.” commented Trevor Walker, President and CEO of Frontier. “The funds will continue in-fill and exploration drilling underway at the Spark Deposit and support ongoing lithium chemicals piloting and process selection required for delivery of an advancing pre-feasibility study. Our recent decision to acquire the Net Smelter Royalty on the project demonstrates confidence and our commitment to all project stakeholders to transform Frontier from a junior exploration company expanding Ontario’s largest and North America’s highest grade resource to a highly coveted fully-integrated lithium chemical producer strategically located in the Great Lakes region of North America. We are excited about the opportunities that lie ahead”.

Each Unit shall consist of one Common Share of the Company and one-half share purchase warrant. Each full Warrant shall entitle the holder thereof to purchase one additional common share of Frontier Lithium at an exercise price of $1.50 for a 24-month period from the closing. All warrants issued at this financing are subject to an accelerated expiry of warrants at the sole discretion by the Company within set terms.

In connection with the Offering, the Company issued finder’s fees of $121,201 and 93,232 finder warrants. Each finder warrant will be exercisable at a price of $1.50 into one common share for a period of twenty-four months from the date of issuance.

All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-month and a day hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. Proceeds from the financing will be used to advance Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.

Other Matters

The Company announces that the Preliminary Economic Assessment for Fully Integrated Lithium production is available on its website and on SEDAR. This report titled “PAK Property” can be found here.

The Company also announces that further to its press release dated April 9, 2021, the Company has closed the acquisition to acquire the 2.5% Net Smelter Royalty that was outstanding on the Company’s Pakeagama Lake Pegmatite Project for consideration of $4,000,000 in cash and 1,000,000 common shares of the Company at a price of $1.00 per share.

The Acquisition has been approved by the TSX Venture Exchange and the common shares issued herein will be subject to the Exchange hold periods and applicable securities laws.

About Frontier Lithium

Frontier Lithium is an emerging pure play lithium company with the largest land position in the Electric Avenue, an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company maintains 100% ownership in 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 has significant upside exploration potential. Frontier is a pre-production business that is targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 25% of the Company.

About PAK Lithium Project

The PAK Lithium Project encompasses 26,774 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 km of the Avenue length and remains largely unexplored; however, since 2013 the company has delineated two premium spodumene bearing lithium deposits (Pak and Spark) located 2.3 km from each other. A 2021 Preliminary Economic Assessment of a fully-integrated lithium operation utilizing spodumene concentrate generated from the PAK Lithium Project resource to achieve downstream conversion for production of battery-quality lithium chemicals (NI 43-101 Technical report titled “PAK Property” by BBA Engineering Ltd. report issued on April 5, 2021) resulted in a post-tax NPV8% of USD $974M with a 21% IRR. Considerable exploration upside is supported on the PAK Lithium Project through two other spodumene bearing discoveries; Bolt pegmatite located between PAK and Spark deposits, as well as Pennock pegmatite, a further 30 km northwest of PAK within the Project claims.