Frontier Lithium Closes Flow Through Financing
Sudbury, Ontario, December 11th , 2019 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) announces the closing of a non-brokered Flow Through private placement offering for a total of 1,708,571 units (“Units”) of the Company priced at $0.28 per Unit, for total gross proceeds of $478,399.88. Each Unit consists of one (1) Common Share of the Company and one-half (½) share purchase warrant (the “Warrant”). Each full Warrant entitles the holder thereof to purchase one (1) additional common share of Frontier Lithium at an exercise price of $0.375 for a period of twenty-four (24) months from the date of issuance. In connection with the CDN $478,399.88 offering, the Company issued finder’s fees of CDN $27,023.99 and 96,514 finder warrants.
All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-month and one day statutory hold period.. Proceeds from the financing will be used to advance exploration of Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.
Pursuant to its “Stock Option Plan”, the Company also announces that it will replenish 1,966,666 stock options at $.30.