Frontier Lithium Closes $2,000,000 in Financing Oversubscribed by over 133%
Sudbury, Ontario, June 5th, 2019 – Frontier Lithium Inc. (TSX.V: FL) (the “Company”) announces the closing of a non-brokered Flow Through private placement offering conditional upon the approval of the TSX Venture Exchange (“TSX-V”) 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 Flow Through private placement was oversubscribed from the initial offering by $500,000 issuing an additional 1,250,000 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 twenty-four (24) months from the date of issuance.
In connection with the CDN $2,000,000 Offering, the Company issued finder’s fees of CDN $100,200.00 and 250,500 finder warrants. Each finder warrant will be exercisable at a price of $0.50 into one common share for a period of twenty-four (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.