Frontier Reports New Advisory Board Member and Exercise of Warrants, Options and Shares for Debt Financing for Proceeds of $443,544
Sudbury, Ontario –March 27, 2018 – Frontier Lithium Inc. (TSX.V: FL) Frontier (“the Company”) is pleased to announce that Gordon MacKay has become an Advisory Board Member whereby he will oversee the further development, facilitation and coordination of regulatory approvals, closure plans and support ongoing engagement with neighbouring communities of the PAK Lithium Project.
Mr. MacKay has over 30 years of experience working in all aspects of mineral exploration and development from exploration technology research to mine closure and reclamation. Most recently from 2013 to 2018 Mr. MacKay acted as the Director of Mineral Development and Lands Branch in Ontario where he led all aspects of mineral exploration and mine regulation, implementing a permitting regime for mineral exploration in Ontario. He restructured how Ontario reviews mine closure plans bringing an increased level of technical expertise and credibility. Mr. MacKay believes in building projects that respect and protect the environment and to work with Indigenous Peoples to ensure their full support and partnership in any projects within their traditional territories.
Frontier is pleased to announce that a total of 3,087,334 common shares have been issued as a result of combination of exercise of share purchase warrants and options since February 1, 2018 at a weighted average price of $0.14 per common share. This results in $443,544 of aggregate proceeds to Frontier Lithium.
Frontier is pleased to also report that it has received shareholder approval as a result of the March 21, 2018 annual general & special meeting for the proposed Debt Financing of $104,791.66 owed to a company owned by one “non-arm’s length” individual. Frontier proposed to issue up to 261,979 common shares at a price of $.40 as was proposed in the October 31, 2017 press release. The financing was subject to regulatory approval and shareholder votes and would have a hold period of four months. The total percentage in favor of the Shares for Debt as per the represented shares as Frontier Lithium’s Annual General & Special Meeting held March 21, 2018 was 99.66%.
The exercise of these warrants and options represent a strong vote of confidence by our shareholders with support of the current phase of the PAK Lithium Project. Proceeds from the exercised warrants and options will be used to advance exploration and further development of Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.
The Company also announces that it has granted an additional 3,890,000 stock options. The options are to replace stock options that have been exercised by management in 2018 and for Advisory Board Members. The options granted are set for a period of five years, expiring on March 27, 2023. The options are priced at $.50 and are subject to regulatory approval.