Frontier Lithium Announces $500,000 Financing
Sudbury, Ontario, October 18, 2017 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) is proposing a non-brokered private placement offering of up to 1,250,000 common shares (“Common Shares”) of the Company.
The Common Shares are to be issued under a unit offering of 1,250,000 units (“Units”) at a subscription price of $.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 at an exercise price of $.64 for an eighteen (18) month period from closing (the “Offering”). Completion of the private placement is subject to the final approval of the TSX Venture Exchange.
All of the Shares and Warrants issued pursuant to the private placement are subject to a 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.
Frontier Lithium reserves the opportunity to grant to eligible persons a finder’s fee of a maximum 6% of the gross proceeds of the Offering and finder options of a maximum of 6% of the total number of Units sold under the Offering. Each finder option will be exercisable at an exercise price of $0.64 into one common share for a period of 18 months from the date of issuance.