Frontier Lithium raises $2 Million in Financing
Sudbury, Ontario, July 29, 2020 – Frontier Lithium Inc. (TSX.V: FL) (the “Company” or “Frontier”) announces the closing of a non-brokered private placement offering for a total of 10,077,000 units (“Units”) of the Company priced at $0.20 per Unit, for total gross proceeds of $2,015,400. Each Unit consists of one (1) Common Share of the Company and one-half (½) share purchase warrant (the “Warrant”). The private placement was oversubscribed from the initial offering by $765,400, issuing an additional 3,827,000 common shares of the Company.
In connection with the CDN $2,015,400 Offering, the Company issued finder’s fees of CDN $84,624.00 (totaling 4.2% of the gross proceeds of the Offering) and 423,120 finder warrants. Each finder warrant will be exercisable at a price of $0.27 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 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 Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.