Frontier Lithium Raises $907,180 in Financing
Sudbury, Ontario, December 4, 2017 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) announces the closing of a non-brokered private placement offering for a total of 2,267,950 units (“Units”) of the Company priced at $0.40 per Unit, for total gross proceeds of $907,180.00. The private placement was oversubscribed from the initial offering of up to 1,250,000 common shares of the Company.
The Common Shares to be issued under a unit offering of 2,267,950 units (“Units”) at a subscription price of $0.40 per Unit. Each Unit shall consist of one (1) Common Share of the Company and one (1) share purchase warrant (the “Warrant”). Each full Warrant shall entitle the holder thereof to purchase one additional common share of Frontier Lithium at an exercise price of $0.64 for an 18 month period from the closing (the “Offering”).
In connection with the CDN $907,180.00 Offering, the Company issued finder’s fees of CDN $10,669.98 (2% of the gross proceeds of the Offering) and 24,441 finder warrants (1% of the total number of Units sold under the Offering). Each finder option will be exercisable at a price of $0.64 into one common share for a period of eighteen (18) 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. Proceeds from the financing will be used to advance exploration of Frontier’s 100% owned and optioned PAK Lithium Project located in northwestern Ontario.