Frontier Lithium Announces $500,000 Flow Through Financing
Sudbury, Ontario, November 27, 2018 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) has proposed a non-brokered flow-through private placement offering for a total of 1,190,476 units (“Units”) of the Company priced at $0.42 per Unit, for total gross proceeds of $500,000.
The Common Shares to be issued under a unit offering of 1,190,476 units (“Units”) at a subscription price of $0.42 per Unit. Each Unit shall consist of one (1) Common Share of the Company and one-half ½ 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 $0.50 for a 30-month period from the closing (the “Offering”).
All of the Shares and Warrants 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.
Frontier has reserved 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 $0.48 into one common share for a period of 30 months from the date of issuance.