Frontier Lithium Announces $1.25 Million Financing
Sudbury, Ontario, June 23, 2020 – Frontier Lithium Inc. (TSX.V: FL) (the “Company” or “Frontier”) has proposed a non-brokered private placement offering for a total of 6,250,000 units (“Units”) of the Company priced at $0.20 per Unit, for total gross proceeds of $1,250,000.
The Common Shares to be issued under a unit offering of 6,250,000 units (“Units”) at a subscription price of $0.20 per Unit. Each Unit shall consist of one (1) Common Share of the Company and one-half ½ share purchase warrant (the “Warrant”). Each full Warrant shall entitle the holder thereof to purchase one additional common share of Frontier Lithium at an exercise price of $0.27 for a 24-month period from the closing (the “Offering”).
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 $0.27 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 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.