Frontier Lithium Closes $1,101,500 in Financing Oversubscribed by 120%
Sudbury, Ontario, January 8, 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 2,622,619 units (“Units”) of the Company priced at $0.42 per Unit, for total gross proceeds of $1,101,500. The Flow Through private placement was oversubscribed from the initial offering by $601,500, issuing an additional 1,432,143 common shares of the Company. 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 $0.50 for a period of 30 (thirty) months from the date of issuance.
In connection with the CDN $1,101,500 Offering, the Company issued finder’s fees of CDN $61,578 and 146,614 finder warrants. Each finder option will be exercisable at a price of $0.48 into one common share for a period of thirty (30) months from the date of issuance.
All of the shares 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.