Frontier Lithium Raises $2,352,388 in Financing
Sudbury, Ontario, June 21, 2018 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) announces the closing of a non-brokered private placement offering for a total of 5,880,969 units (“Units”) of the Company priced at $0.40 per Unit, for total gross proceeds of $2,352,388. The private placement was oversubscribed from the initial offering by $352,388, issuing an additional 880,969 common shares of the Company.
In connection with the CDN $2,352,388 Offering, the Company issued finder’s fees of CDN $10,800.00 and 117,900 common shares (totaling 2.5% of the gross proceeds of the Offering) and 144,900 finder warrants. Each finder option will be exercisable at a price of $0.60 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. Proceeds from the financing will be used to advance exploration of Frontier’s 100% owned and optioned PAK Lithium Project located in northwestern Ontario.
The Company also announces that is has granted an additional 839,375 stock options. The options are set for a period of five years, expiring on June 21, 2023. The options are priced at $.45 and are subject to regulatory approval.