Frontier Lithium announces $354,000 Flow-Through Financing
Sudbury, Ontario, December 17th, 2019 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) is pleased to announce a non-brokered private placement to raise gross proceeds of up to $354,000 (the “Offering”) by way of the issuance of up to 1,041,176 flow through share units (the “FT Units”) at a price of $0.34 per FT unit.
Each FT Unit will consist of one common share in the capital stock of Frontier (“Common Share”) issued on a flow-through basis and a ½ Common Share purchase warrant (“FT Warrant”). Each full FT Warrant will entitle the holder to purchase one Common Share at a price of $0.45 per Common Share until the date which is 24 months following the closing date of the Offering, whereupon the FT Warrants expire. The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period.
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 $0.45 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 and one day statutory hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (“TSX-V”) and applicable securities regulatory authorities. Proceeds from the financing will be used to advance exploration of Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.
The Company also announces that due to clerical error in its press release on December 11, 2019, the announced 1,966,666 of stock option replenishment has been corrected to 2,316,666.