Frontier Lithium Announces $2 Million Financing
Sudbury, Ontario, May 14, 2018 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) has proposed a non-brokered private placement offering for a total of 5,000,000 units (“Units”) of the Company priced at $0.40 per Unit, for total gross proceeds of $2,000,000.
The Common Shares to be issued under a unit offering of 5,000,000 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 $0.60 for a 24-month period from the closing (the “Offering”).
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 warrants of a maximum of 6% of the total number of Units sold under the Offering. Each finder warrant will be exercisable at an exercise price of $0.60 CDN into one common share for a period of 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.