Frontier Lithium Inc. (TSX-V: FL) announces the closing of a non-brokered private placement offering for a total of 10,077,000 units of the Company priced at $0.20 per Unit, for total gross proceeds of $2,015,400. Each Unit consists of one Common Share of the Company and one-half share purchase warrant. The private placement was oversubscribed from the initial offering by $765,400, issuing an additional 3,827,000 common shares of the Company.
In connection with the CDN $2,015,400 Offering, the Company issued finder’s fees of CDN $84,624.00 (totaling 4.2% of the gross proceeds of the Offering) and 423,120 finder warrants. Each finder warrant will be exercisable at a price of $0.27 into one common share for a period of twenty-four (24) 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 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.
About Frontier Lithium Inc.
Frontier Lithium is a Sudbury based, publicly listed, junior mining company with the largest land position in an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company is in late-stage exploration, early-stage development phase with the near-term goal of building a Demonstration concentrator under an advanced exploration permit. The company’s PAK Lithium Project contains North America’s highest-grade concentration of rare low-iron, lithium bearing mineral spodumene and is Ontario’s largest resource with significant upside potential to increase. Frontier Lithium’s current objective is to demonstrate the potential of the PAK Lithium Deposit to produce up to 2,000 tonnes Lithium Carbonate Equivalent of premium spodumene concentrates for glass producers and for feedstock to produce lithium chemicals.
Frontier maintains a tight share structure with management ownership exceeding 30% of the Company.
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