Frontier Lithium Announces Oversubscribed Flow Through Non-Brokered Private Placement
Sudbury, Ontario, December 20, 2018 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) announces that, further to its November 27, 2018 press release, it intends to complete a non-brokered private placement with subscriptions exceeding the originally announced target of $500,000 due to high investor interest. A non-brokered Flow Through private placement offering for a total of 2,622,619 units (“Units”) of the Company priced at $0.42 per Unit, for total gross proceeds of $1,101,500. The Flow Through private placement is oversubscribed from the initial offering by $601,500, issuing an additional 1,432,143 common shares of the Company.
Each Unit shall consist of one (1) Common Share of the Company and one-half ½ share purchase warrant (the “Warrant”). In connection with the CDN $1,101,500 Offering, the Company issued finder’s fees of CDN $61,578 (totaling 5.59% of the gross proceeds of the Offering). The Offering remains subject to regulatory approval.
All of the shares issued pursuant to the Flow Through 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 PAK Lithium Project located in northwestern Ontario.