Frontier Lithium Announces Oversubscribed Private Placement
Sudbury, Ontario, July 22, 2020 – Frontier Lithium Inc. (TSX.V: FL) (the “Company” or “Frontier”) announces that it has received strong interest above the previously announced $1,250,000, and accordingly intends to increase the amount to be raised under its non-brokered private placement offering to $2,005,400; therefore the company now proposes to issue 10,027,000 units at a price of $0.20 each subject to TSX Venture Exchange (“TSX-V”) approval. All other terms of the offering remain as set out in the Company’s June 23, 2020 news release.
All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-month 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-V and applicable securities regulatory authorities. Proceeds from the financing will be used to advance Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.
Effective immediately, Michael Tamlin has curtailed his responsibilities to the Company by stepping down from the Board of Directors for personal reasons. Mr. Tamlin has agreed to continue to provide strategic advice to the Company and will serve on the Advisory Board.